SBA Payroll Protection Program

Ripco Family Strong

You're not alone.

We are committed to helping you overcome whatever financial challenges you may be facing because of COVID-19.

Ripco Credit Union IS CURRENTLY submitting 2nd Draw Payroll Protection Program (PPP) loans for your business.

If the Coronavirus has negatively impacted you or your business, we are here for you.

Payroll Protection Program (PPP)

Top-Line Overview of Second Draw PPP (1-8-2021)

SBA Restaurant Revitalization Funding Program

US Dept of the Treasury

Small Business Administration (SBA) Resources

Payroll Protection Program

Stop hand signal in a red circle followed by the words Stop. Read Before Applying.

WE RECOMMEND REVIEWING THE US DEPARTMENT OF TREASURY WEBSITE PRIOR TO APPLYING.

NOTE: YOU WILL NEED TO CALCULATE YOUR AVERAGE MONTHLY PAYROLL BEFORE FILLING OUT YOUR APPLICATION.

Collect the following supporting documentation in order to assist in completing the PPP application. NOTE: More specifically to utilize in completing the Average Monthly Payroll field on the PPP application.

Copy of most recent year of Business Tax Return for applicant entity (Corporate return, Partnership return or Schedule C of Individual 1040, a copy of the 2019 940 Payroll Tax Form if applicable along with all four 2019 quarterly form 941 Payroll Tax Returns.
Payroll records indicating Employer paid health benefits, including insurance premiums.
Payroll records indicating any company paid retirement contributions.
Tax records documenting employer paid State or Local Taxes (i.e.SUTA)

Utilize these documents to calculate and support the Average Monthly Payroll input used for determining your eligible loan amount.

Program rules, eligibility, reimbursements, approvals and other program material are NOT determined by Ripco Credit Union and are determined by SBA and/or the Federal Government.

Applying for PPP

Follow these three easy steps to apply.

The number one in a green circle followed by the words PPP Application indicating the first step in the application process.

Calculate, fill out and sign:

Calculate your Average Monthly Payroll
Second Draw Borrower Application Form
Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide

The number two in a green circle with Supporting Documents written next to it indicating the 2nd step in the application process

Collect documents verifying:

The business or non-profit was operating on February 15, 2020
The number of employees

Documentation Examples: Payroll records, W3s, IRS 940s or 941s, and Tax Returns

The number 3 in a green circle followed by the text Your Application indicating the third step in the process. Once you have completed and collected all documentation, you will contact your loan representative at 715.365.4800 or transfer your document file to your Virtual StrongBox using It'sMe247. Watch the short video below for instructions.

How to Use Virtual Strong Box

Your Questions Answered

Who can apply?

Program eligibility requirements are established by the SBA as part of the CARES stimulus package. This program is for any small business with less than 500 employees – including sole proprietorships, independent contractors, and self-employed persons, private non-profit organizations or 501(c)(19), and veterans organizations affected by coronavirus/COVID-19.

How is the loan amount determined?

The maximum loan size can be up to 2.5 times the “Average Monthly Payroll” of the applicant.
When calculating “Average Monthly Payroll,” applicants will use the average monthly payroll for 2019 or 2020, excluding salaries over $100,000 on an annualized basis.
Additional provisions for hospitality related businesses up to 3.5 times monthly payroll.

What are the allowable uses?

Payroll costs, healthcare benefits (including paid sick or medical leave, and insurance premiums)
Interest on any mortgage
Interest on other debt obligations incurred before February 15, 2020
Rent obligations and utility payments

What payroll costs are eligible when determining loan amount?

Compensation (salary, wage, commission, or similar compensation, payment of cash tip or equivalent).
Payment for vacation, parental, family, medical, or sick leave.
Allowance for dismissal or separation.
Payment required for the provisions of group health care benefits, including insurance premiums.
Payment of any retirement benefit.
Payment of State or local tax assessed on the compensation of employees.

Is it true this loan can be forgiven?

Possibly, providing an applicant meets the criteria set by the SBA.

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.

Applicants are strongly encouraged to review the SBA's rules on forgiveness. To learn more visit the SBA website.

What does our lending team need to process your application?

The completed Second Draw Borrower Application Form
The completed Additional Information Worksheet.
Documentation to verify the “Average Monthly Payroll” calculation. That is, payroll records, company Profit and Loss Statement, and tax forms (for example payroll records, W3s, IRS 940s or 941s, and tax returns).

Once you have completed and collected all documentation, you can contact your Ripco loan representative at 715.365.4800 or transfer your document file to your Virtual StrongBox using It'sMe247. Instructional Video located above.

Is an (EIDL Loan) Economic Injury Disaster Loan the same thing as the (PPP) Payroll Protection Program?

No. The EIDL (Economic Injury Disaster Loan) is a loan handled through the SBA, NOT your local lender. You must apply directly through the SBA. You will find additional information at the US Department of the Treasury - CARES Act.

PPP Loan Forgiveness

PPP borrowers must apply for loan forgiveness with the lender that processed the loan.

Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.

Visit the US Department of the Treasury website to check for potential changes and the latest application information.

PLEASE NOTE: WE ARE PROVIDING THIS INFORMATION AS A COURTESY. WE ARE UNABLE TO HELP PROCESS THESE APPLICATIONS. ALL QUESTIONS, PHONE CALLS AND REQUESTS FOR HELP SHOULD BE DIRECTED TO THE SMALL BUSINESS ADMINISTRATION (SBA) OR BY CONTACTING THEIR CALL CENTER SUPPORT AT 1.844.279.8898 DURING BUSINESS HOURS.

The U.S. Small Business Administration (SBA) is awarding funding through the Restaurant Revitalization Program to restaurants, bars, and other similar places of business that serve food or drink. The purpose of this funding is to provide support to eligible entities that suffered revenue losses related to the COVID-19 pandemic.

Please review the following information to determine qualification status:

Step by Step Video Overview Provided by the SBA

Step by Step Video Overview