How Can ATCU Help Me with the SBA PPP Loan Forgiveness?
We appreciate the overwhelming response to our invitation to help small businesses through the processing of Small Business Administration (SBA) Paycheck Protection Plan (PPP) applications approved in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
With the recent release of the SBA PPP Forgiveness form for applicants that obtained loans less than $150,000, we are are now ready to help ATCU members complete the application for the forgiveness phase of this program. The revised simplified Forgiveness Application 3508S for SBA PPP Loan recipients of less than $150,000 as well as other documentation, forms and instructions can be accessed at Small Business Administration (SBA) website. For additional resources you may find helpful in navigating these difficult times, you can also visit Alabama Small Business Development Center Network website that 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.
For your convenience, here is a helpful link as you begin to prepare for the forgiveness phase:
- SBA Form 3508S Paycheck Protection Program Forgiveness Application (updated 01-19-21)
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.
ATCU wants to thank you again for giving us the opportunity to help you and your business through these challenging times. We look forward to serving you in the future.
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.
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.