Updates to PPP Loans
January 11, 2021:
PLEASE REVIEW COMPLETELY
We are currently accepting applications for PPP funding. It is important to note that at this time the ‘portal’ needed for lenders to submit applications has not yet opened and we are told this round's approval process may be somewhat longer to allow the SBA to streamline processes including qualifying, forgiveness, etc. We would urge all of our members who qualify and need this important funding source to apply with us as quickly as possible.
There are three different types and ways to apply:
- If you obtained monies in round one of the program from iTHINK Financial, you should have already received an email from us with the application and instructions. If you did not, please email us at PPPforgiveness@ithinkfi.org. We will immediately get you a package with all that is needed for this new round.
- If you obtained your first round PPP elsewhere but wish to apply for round two through us, please email us with your company name, the amount of the loan, the approximate date you obtained your first PPP funding, at PPPforgiveness@ithinkfi.org and we will supply you what’s needed. NOTE THAT THIS OPTION WILL REQUIRE THAT YOU OBTAIN A BUSINESS MEMBERSHIP THROUGH ANY OF OUR BRANCHES. Information on contacting a branch can be found on our website at ithinkfi.org.
- If you have not yet taken any funding from the previous PPP round but want to take advantage of it now, you can access the application at: Paycheck Protection Program First Draw Borrower Application Form. You would utilize version six and submit it to us at PPPforgiveness@ithinkfi.org with the following documents at a minimum:
a. A clear copy of your valid drivers license
b. Proof of your 2019 payroll and number of employees
c. Copy of your 2019 940 and or Schedule C for 2019
d. The completed form 2483 (application), version six
Note: this third option (as will all the options) requires that you become a business member of our credit union. This can easily be accomplished by visiting our website at ithinkfi.org for a convenient branch near you.
Inquiries and questions concerning your application should be done via email only to PPPforgiveness@ithinkfi.org, as we have a large team working on this and will be able to respond much faster via email. Phone calls are not recommended due to the demand in PPP funding volume.
Thank you for your interest and we wish you a safe, healthy and prosperous 2021!
Please Complete Your PPP Forgiveness Paperwork
To our PPP borrowers,
It is now time to submit your forgiveness paperwork!
The links below contain the most recent forgiveness applications and guidance provided by the SBA for your PPP loan with iTHINK Financial. Provided your business has maintained the same level of full time equivalent employees or you are a Schedule C filer, you may use the EZ Loan Forgiveness Application. If you have reduced staff or cut wages to staff as noted in the instructions, you will need to complete the standard application.
For EZ Loan Forgiveness:
For Standard Loan Forgiveness:
Please forward your completed application along with the supporting documentation described in the instructions and also listed below to firstname.lastname@example.org. We will review your submitted application within 5 business days and communicate any anomalies, corrections or required additional information. You can find your SBA loan# (on your loan closing documents) or Lender PPP loan# (membership ID) in the correspondence from iTHINK Financial. You can reach out to me directly if you are unable to locate them.
Also please note, the SBA has 90 days to review your application for forgiveness once it is submitted to them so the process will take some time.
There has not been a second round of PPP funding approved by Congress at this time.
Please be patient as guidance from SBA is still forthcoming and forgiveness could potentially change pending congressional action.
Lastly we are experiencing a very high volume of questions and requests. Please email all questions to us directly at email@example.com
Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:
- Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
- 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.
Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period. (Remember: this only applies if you included nonpayroll expenses in the amount for which you are trying to seek forgiveness.)
- Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
- Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
- Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments