Capital Area Realtors FCU Routing & Transit #255077639

Supporting REALTORS® by facilitating PPP loans.

Simplifying the PPP process

Paycheck Protection Program (PPP) Loan

Apply For PPP Forgiveness

We have recently launched our PPP Forgiveness Portal, and wanted to share information on how to begin the forgiveness process.

For next steps:

  1. Gather necessary documentation:
    • If you run payroll and have a third-party payroll provider:
      • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employee.
      • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
      • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
      • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
      • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount.
    • If you file taxes as a sole proprietor,  single-member LLC, or do not run payroll:
      • Bank statements for the covered period including the initial disbursement through the distribution of funds.
      • e.g. statements for the covered period showing the inflow and outflows of the PPP funds from your account.
      • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount.
  2. Refer to the U.S. Treasury’s latest FAQs for more information.
  3. Upload your documents to CARFCU’s PPP Forgiveness Portal.
  4. After submission, retain a copy of documentation for your own records.

Please contact our PPP team if you have any questions.

SBA PPP TEAM
Capital Area REALTORS® FCU
ppp@carfcu.org
PPP Hotline: (240) 451-9545

PPP Loan

Get much needed support for your business.

Per SBA guidelines:

  • For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. 
  • PPP loans have an interest rate of 1%.
  • Loans have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (between 8 weeks and 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Per SBA guidelines, companies qualify for a PPP loan if they are:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size 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

 

Per SBA guidelines, companies qualify for a Second Draw PPP loan if they:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Have no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Per SBA guidelines, your loan may be forgiven if:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses, and at least 60 percent of the proceeds are spent on payroll costs

We know the PPP process can be complicated. We’ve helped dozens of our members both apply for and get forgiveness of their loans. Our expert team is here to help navigate and simplify the PPP process.