CorePlus Credit Union

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Smart Banking. Community Trusted.

Small Business Administration Paycheck Protection Program (PPP)

Small businesses are the foundation of our community. As a community trusted financial institution, CorePlus Credit Union is here to support our small businesses during this unprecedented time. If you are a Small Business Owner who needs financial support to keep your employees on your payroll during the shutdown, you can apply for the SBA’s Paycheck Protection Program (PPP) and we will help you through the process.  

What is the Paycheck Protection Program Loan?

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Who Can Apply?

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

Organizations with employees who file Tax Form 940:
  • Tax Form 940 from 2019
  • Tax form 941 or payroll processor records for the period including February 15, 2020
Documents for Sole Proprietors or Self Employed who do not file Tax Form 940:
  • 1040 Schedule C if filed for 2019 OR Draft 1040 Schedule C for 2019 if not filed
Documents for all other small businesses:
  • Form 1099-MISC for 2019 for services rendered as an independent contractor

Once application has been received, we will reach out to you for the supporting documents.

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Please Note:
Once your application has been received, we will reach out to you for the supporting documents.

PLEASE READ CAREFULLY
BEFORE YOU APPLY.

In order to process your application, you must answer the question below. Questions answered dishonestly will result in your application being denied.

 

 

 

Are you a current member of CorePlus Credit Union or do you live, work, or worship in New London County, Connecticut or Windham County, Connecticut?