SBA PPP Forgiveness Update - Next Steps
- Jamie McGlaughn: [email protected]
- Sabrina Bevis: [email protected]
- Kristie Erwin: [email protected]
- SBA PPP Loan payment due dates will be extended to delay the initial first payment disclosed on original loan contracts.
- The first payment due date is being extended from 6 months after the initial loan date to 10 months from the end of the 24-week covered period.
- Regardless of the time frame of the specific covered period used to spend the loan proceeds, ATCU is providing the maximum time frame of 24-week covered period from the initial loan date. This will allow for the longest possible time frame before a payment becomes due, which will allow sufficient time for the processing of the forgiveness application.
For more information, visit the section below titled "How Can ATCU Help Me with the SBA PPP Loan Forgiveness?"
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
- Original Letter of Information required to complete the Paycheck Protection Plan Loan Forgiveness Application Package - May 2020
- Revised Letter of Information required to complete the Paycheck Protection Plan Loan Forgiveness Application Package - June 2020
- Recent changes/guidance from the US Treasury regarding the SBA Paycheck Protection Plan
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.
Help Tell Your Your Lawmakers to Support The PPP Small Business Protection Act
Please take a moment of your time and reach out to your lawmakers via the link below. We are asking them for support of the Paycheck Protection Program Small Business Forgiveness Act.
After contacting your lawmakers by email, we also suggest reaching out directly by telelphone to further request their support in passing H.R. 7777 and S. 4117 known as the "Paycheck Protection Program Small Business Forgiveness Act" and/or any other legislation in supoort of small businesses.
Below are the direct phone numbers to both your State of Alabama Senators and Alabama State Representatives in each of the Districts represented by our field of membership.
Richard Shelby - 202-224-5744
Doug Jones - 202-224-4124
Robert Aderholt (District 4 - Etowah, Marshall, and Dekalb) - 202-225-4876
Mike Rogers (District 3 - Calhoun and Cherokee) - 202-225-3261
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.