Paycheck Protection Program
First Florida Credit Union is now accepting applications for the latest round of funding through the SBA Paycheck Protection Program (PPP).
If you did not receive a PPP loan in 2020, you may be eligible to apply for your first PPP loan in 2021.
If you did receive a PPP loan in 2020, whether through First Florida or another institution, you may be eligible to apply for a second PPP loan in 2021 if your business suffered a loss in revenue in 2020. The requirements for second draw include:
- Have no more than 300 employees.
- Have used or will use the full amount of your first PPP loan.
- Can show a drop of at least 25% or more in annual gross receipts for any quarter of 2020 when compared to the same quarter in 2019.
- Have not permanently closed. Businesses that have temporarily closed or suspended operations can receive a second-draw loan.
What forms will I need to apply?
Please use this guide to determine the best documentation to provide for each step
|Do you have employees?||Yes||No or Limited||No|
|Entity Type‐>>>>||C‐Corp, S‐Corp, LLC, Partnership, Not for profit, Veteran Org, Tribal Org||Sole Proprietor, Self Employed||Independent Contractor|
|Required Payroll Verification Documents for 1st SBA PPP or 2nd SBA PPP loan:|
|2019 or 2020 is appropriate.||IRS 941's, IRS 940, W3 Cares Act Report from payroll provider Year end payroll report from payroll provider. Partnership needs to provide K-1's for the payroll year documented.||Personal Tax Return Schedule C||1099|
|February 15, 2020 Payroll Verification Documents for 1st SBA PPP or 2nd SBA PPP loan:|
|IRS 941 for 1st quarter 2020. Cares Act Report from Payroll Provider for 1st quarter 2020||Bank statement that includes business name and includes transactions for 2/15/2020.||Bank statement for 2/15/2020.|
|If your loan amount is over $150,000 and this is your 2nd SBA PPP loan, please provide:|
Evidence business revenues decreased by 25% from 2019 to 2020. If uisng a quarterly comparison, the same quarter will need to be used for 2019 & 2020. If annual revenues, a 2019 revenue report and a 2020 revenue report must be provided. (Profit and loss statements, tax returns, or CPA Cares Act Reports are acceptable.
|If you have a seasonal or new business, please indicate the number of months you operated in 2019 & 2020|