ACFCU is now accepting Paycheck Protection Program (PPP) applications from eligible self-employed individuals and businesses. Effective immediately, the SBA is now allowing new PPP applicants who are sole proprietors, Independent Contractors, and Self-Employed Individuals to use their IRS Form 1040 Schedule C Gross Income to calculate their eligible PPP loan amount.
The SBA has released new application forms that all borrowers must now use when applying for a PPP loan. Applications with instructions are in the PPP Resources section below. These forms are the most up-to-date drafts available from the SBA but may be subject to change. Applications should be emailed to firstname.lastname@example.org and a member of our business lending team will follow up with you.
The deadline for PPP applications has been extended. Your applications must be submitted to ACFCU by 5:00pm Monday, May 24, 2021.
Eligible self-employed individuals and businesses with 500 or fewer employees who did not previously receive a PPP loan may apply for a PPP loan (subject to all other applicable application requirements and program rules).
Previous recipients of PPP loans will be eligible for a second loan if, among other requirements, they:
ACFCU is asking applicants who already received a PPP loan in 2020 to take part in the forgiveness application process for that loan as they apply for a second PPP loan. This may help ensure forgiveness of both PPP loans by the SBA.
If you have a first round PPP Loan that was funded in 2020 for an amount under $150,000, please complete the New Abbreviated Loan Forgiveness Application as soon as possible. You can access the form through our online Forgiveness Portal. If you never received a link to the Forgiveness Portal or have issues accessing it, please send an email to our team at email@example.com. If you have any questions, you are welcome to submit them to that email address.
When going through the portal, please keep in mind the following:
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utility payments over the eight weeks after getting the loan. No more than 40% of the forgiven amount may be for non-payroll costs.
You will also owe money if you do not maintain your staff and payroll.
If you use PPP funds for unauthorized purposes, SBA will direct you to repay those amounts. If you knowingly use the funds for unauthorized purposes, you will be subject to additional liability such as charges for fraud. If one of your shareholders, members, or partners uses PPP funds for unauthorized purposes, SBA will have recourse against the shareholder, member, or partner for the unauthorized use.
Membership and eligibility requirements apply.
On Wednesday May 5, 2021, the SBA announced that funding for the Paycheck Protection Program has been exhausted and we are no longer able to accept any new PPP Applications.