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Paycheck Protection Program (PPP) Loans

U.S. Small Business Administration – Paycheck Protection Program

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Treasury and Small Business Administration have recently implemented the Paycheck Protection Program in an effort to assist small business owners whose business operations have been adversely impacted by the COVID-19 pandemic crisis through a short-term loan relief program.

TwinStar Credit Union is participating in the SBA’s Paycheck Protection Program and offering access to these funds to members who meet SBA eligibility requirements.

 

How To Apply:

We are not accepting applications for the PPP program at this time.

 

To apply for funding, you will need to provide the following additional information:

  1. 2019 IRS Quarterly 940, 941 or 944 payroll tax reports

 

  1. Payroll reports for the 2019 calendar year; as well as, payroll reports for the 12-months from March 1, 2019 through February 29, 2020:
    • Gross wages for each employee, including officer(s) if paid W-2 wages
    • Paid time off for each employee
    • Vacation pay for each employee
    • Family medical leave pay for each employee
    • State and local taxes assessed on an employee’s compensation

 

  1. 1099s for independent contractors for 2019 (to be excluded from wages)

 

  1. Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan.
    • Include all employees and the company owners

 

  1. Document the sum of all retirement plan funding that was paid by the company owner(s) (do not include funding that came from employees out of their paycheck deferrals).
    • Include all employees and the company owners
    • Include 401k plans, Simple IRA, SEP IRA’s