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SBA PPP Forgiveness Update - Next Steps

As we recently made you aware in the paragraphs below, your signature is required on SBA PPP Loan Due Date Extension Agreement documents. As of today's date, all email invitations to sign such documents via Docusign have been sent to your email inboxes.
 
Emails were sent from ONE of the following employees:
You have from now until next Friday, October 30th 2020 to execute your agreement to prevent any past due payments showing in our system. Please review the information below for additional details or email [email protected].

Due to the continued uncertainty surrounding the SBA PPP Loan Forgiveness Application Process, ATCU is providing temporary changes to recipients' original loan contracts.
 
Changes are as follows:
  • 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.
Prior to Friday, October 23rd, SBA PPP Loan recipients will receive a Docusign email from one of ATCU Business Department Staff Members containing a SBA PPP Loan Due Date Extension Agreement. This agreement will be sent to the same email address through which we processed the original SBA PPP Loan documentation. 
 
Recipients will need to electronically sign the document at the marked location. The access code will be the same format as before - first two initials of your last name (upper case first initial, lower case second initial) and last 4 digits of your social security number.  For example, Ab1234.
 
Recipients will be required to complete this process no later than Friday, October 30th to ensure payments will not reflect as past due in our system.
 
If your loan proceeds were $50,000 or less the SBA and Treasury Department amended the application process as of October 8, 2020. While the revised application is currently available, we feel it may be more advantageous to refrain from applying until further clarification is provided.
 
If your loan proceeds were $150,000 or less we continue to suggest you delay your forgiveness application until further guidance can be provided related to the passing of legislation regarding the SBA PPP Forgiveness Act. 
 
If your loan amount was greater than $150,000 and you have spent all your loan proceeds, you may begin your forgiveness application process anytime. Please talk with your payroll provider/accountant/CPA for assistance in completing the forgiveness application and to obtain proper supporting verification documentation. Once your application and supporting documents are completed, submit the loan forgiveness packet via secure email to [email protected] or you may deliver the packet in person to our business department staff.
 

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:

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. 

Contact Your Lawmaker

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.

Alabama Senators:

Richard Shelby - 202-224-5744

Doug Jones - 202-224-4124

Alabama Congressmen:

Robert Aderholt (District 4 - Etowah, Marshall, and Dekalb) - 202-225-4876

Mike Rogers (District 3 - Calhoun and Cherokee) - 202-225-3261 

Recently, The Paycheck Protection Program Small Business Forgiveness Act was introduced in Congress. The passage of this act will allow small businesses to easily have Paycheck Protection Program loans forgiven by their lender, relieving the burden of extensive paperwork and requirements.
 
The Paycheck Protection Program Small Business Forgiveness Act would provide forgiveness for (PPP) loans of $150,000 or less. All the borrower would need to do is submit an attestation form to the lender. The bill also ensures that the lender will be held harmless from any enforcement action if the borrower's attestation contained falsehoods.
 
With your help, we hope Congress will pass the provisions needed to simplify the forgiveness process soon. Please continue to watch for updates from ATCU in the form of future email blasts and on this webpage.
 
For further questions, please email our SBA PPP address:
 

 

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.

 

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