SBA PPP Update - 1/15/2021
Following the approval of a new stimulus package on December 27, 2020, the SBA has recently issued guidance on continuation of Round 1 or First Draw PPP and Round 2 or Second Draw of PPP. Alabama Teachers Credit Union will not be offering any additional funding for Round 1 or First Draw PPP but we will be offering loans for Round 2 Second Draw PPP loans for existing ATCU members. We will not be offering loans to non-members at this time.
The guidance offers insights into who will qualify for a Round 2 PPP loan and what documentation will be required. Please see the application along with information and eligibility requirements below concerning Round 2 funding for Alabama Teachers Credit Union applicants. We have also provided links to the Small Business Administration website below for any questions related to the program.
All applications will be entered on a “first come, first serve” basis. While the SBA has extended the Second Round PPP Loan Funds up to March 31, 2021, ATCU will be monitoring our internal volume of applications on an on-going basis. We reserve the right to stop accepting applications at any time prior to March 31, 2021. Completed packages will be worked in first order priority. You can submit your completed application with all supporting documentation via a secured email to [email protected]. We look forward to the opportunity to serve our local small business community again utilizing the Paycheck Protection Program.
Reminders for Documentation Requirements for the Round 2 PPP Loan Application:
- If ATCU was the lender for your SBA PPP Round 1 and you will continue to utilize 2019 payroll for the loan amount calculation, no further payroll documentation is required.
- If the borrower used a different lender than ATCU for Round 1, we will need all the items on the required items list for 2019 payroll documentation. If you wish to utilize 2020 monthly payroll costs or last 12 months payroll costs to calculate loan amount, payroll documentation supporting the calculation will be required.
- Proof of 25% reduction in gross receipts between comparable quarters in 2019 and 2020 (i.e.- internal financial statements, accountant prepared financial statements).
Please continue to access ATCU’s SBA PPP Landing Page as it will contain updated information as well as future SBA PPP Forgiveness information once it becomes available.
How Can ATCU Help Me with the SBA PPP Loan Forgiveness?
We appreciate the overwhelming response to our recent invitation to help small businesses through the processing of Small Business Administration (SBA) Paycheck Protection Plan (PPP) applications approved in the recent Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Currently, we are focused on helping ATCU recipients of the SBA PPP Loan Funds complete the application for forgiveness phase of this program.
Here are some things you will need to be aware of as you begin to prepare for the forgiveness phase:
- Loan Forgiveness Application Form EZ Instructions
- Loan Forgiveness Application Form EZ
- Loan Forgivness Application Instructions
- Loan Forgiveness Application
- Recent changes/guidance from the US Treasury regarding the SBA Paycheck Protection Plan
The revised simplified Forgiveness Application for SBA PPP Loan recipients of less the $150,000 is anticipated to be released by the SBA soon. Once the revised application becomes available, we will notify our SBA PPP borrowers of next action steps. Until then borrowers with loan balances over $150,000 can continue to submit their Forgiveness Applications by using one of the links above.
Please let us know how this loan has helped your business survive during these challenging times. We would like, with your permission, to provide positive feedback to our staff, our membership, the community and the Small Business Administration. If you desire to share your experience, please email [email protected].
For additional resources you may find helpful in navigating these difficult times, please visit the Small Business Administration (SBA) website. The Alabama Small Business Development Center Network website also provides webinars you may find useful. We also encourage continued communication with your attorneys, accountants, etc. for clarification of the impact of the utilization of these resources to your business.
To submit your application package and/or if you have questions about your current ATCU SBA PPP Loan, please contact us by emailing [email protected] or calling 1.800.470.0704.
By submitting the required items either in part or in whole, I understand, acknowledge, and agree that the Lender and Other Loan Participants can obtain, use and share tax return information for purposes of (i) providing an offer; (ii) originating, maintaining, managing, monitoring, servicing, selling, insuring, and securitizing a loan; (iii) marketing; or (iv) as otherwise permitted by applicable laws, including state and federal privacy and data security laws. The Lender includes the Lender’s affiliates, agents, service providers and any of aforementioned parties’ successors and assigns. The Other Loan Participants includes any actual or potential owners of a loan resulting from your loan application, or acquirers of any beneficial or other interest in the loan, any mortgage insurer, guarantor, any servicers or service providers for these parties and any of aforementioned parties’ successors and assigns.
Please do not use email to send Alabama Teachers Credit Union communications which contain confidential information, such as Social Security or Account Numbers. You may either call us or send confidential information through the U.S. Postal Service. All third-party links are provided as a courtesy. We don't endorse or control the content third-party websites and these websites' privacy and security policies may differ from those practiced by Alabama Teachers Credit Union.