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Collins Community Credit Union

SBA Paycheck Protection Program (PPP)

Update Regarding the SBA Paycheck Protection Program:

Published on May 12, 2021

At this time, Collins Community Credit Union is unable to accept Paycheck Protection Program loan applications. Financial institutions around the country are reporting that the pool of funding for the program is exhausted and that lenders are unable to upload applications to the SBA. Pending a formal announcement from the US Small Business Administration or Congressional action, the credit union will cease processing applications. Any applications that were not approved by the SBA prior to 5/5/2021 will not be funded. We apologize for any inconvenience, Collins Community Credit Union will continue to do everything we can to support our small business members during the current public health crisis.

Update Regarding the SBA Paycheck Protection Program:

Published on April 27, 2021

The US Small Business Administration recently extended the submission deadline for the Paycheck Protection Program to May 31, 2021. In order to facilitate processing applications prior to the deadline, Collins Community Credit Union will cease accepting PPP applications on Monday, May 17, 2021. To be eligible for submission, a completed application and all supporting materials must be received by the credit union no later than 5:00 PM.  

Update Regarding the SBA Paycheck Protection Program:

Published on March 10, 2021

On Monday, March 8, the US Small Business Administration made several modification to the Paycheck Protection Program. The new program allows certain borrowers to utilize gross income as reported on their IRS Form 1040 Schedule C when applying for a PPP loan. New applications and document checklists are accessible below. Collins Community Credit Union may only accept applications that adhere to the current guidance as issued by the SBA. Formally announced changes or program updates will be incorporated into our process as soon as possible.

Click here to download the Paycheck Protection Program Borrower Application Form for Schedule C (First PPP Loan)
Click here to download the Paycheck Protection Program Second Draw Borrower Application Form for Schedule C (Second PPP Loan)
Click here to download the required document checklist for first round PPP loans 
Click here to download the required document checklist for first round Schedule C PPP loans 
Click here to download the required document checklist for second round PPP loans
Click here to download the required document checklist for second round Schedule C PPP loans 

Now Accepting Applications

Published on January 20, 2021

As of Tuesday, January 19, 2021, Collins Community Credit Union will accept and process Paycheck Protection Program applications for full-service members of the credit union. 

Update Regarding the SBA Paycheck Protection Program:

Published on January 12, 2021

On December 21, 2020, Congress passed the Consolidated Appropriation Act, 2021. Included in this bill is an additional $284 billion allocated to the Paycheck Protection Program. The bill includes several changes to the original program, and requires lenders to take additional steps during application and review. A summary of some the key changes to the program include: 

  • An expansion of allowable expenses; including covered operations expenditures, property damage costs, supplier costs, and worker protection expenditures. 
  • Reduced the size of an eligible business from 500 employees to 300 employees. 
  • Updated maximum loan calculation , two and a half months’ of the average payroll for twelve months preceding application or from the year 2019. The hospitality industry may use 3 and a half months’ average payroll. 
  • $25 billion of the total funding is allocated solely for businesses with ten employees or less as of February 15, 2020. 

For those that already received one PPP loan and wish to apply for a second, there are additional application restrictions including: 

  • Borrower is eligible for a Second Draw PPP Loan only if it has 300 or fewer employees.
  • Second Draw PPP Loan may only be made to an eligible borrower that:
    • has received a First Draw PPP Loan, and
    • has used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower.
  • To be eligible for a Second Draw PPP Loan, the borrower must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019.

The bill also requires that certain designated community development financial institutions (CDFI’s) have first access to the application portal. This means only CDFI’s will have access to the application portal when it opens on January 11. The US Small Business Administration will then grant access to all other financial institutions at an unspecified date.

At this time, Collins Community Credit Union cannot submit any PPP applications. We will provide updates on this website as new information becomes available on lender access. To better prepare for future applications, please take a moment to review the application materials and program guidelines here.

Click here to download the Paycheck Protection Program Borrower Application Form (First PPP Loan)
Click here to download the Paycheck Protection Program Second Draw Borrower Application Form (Second PPP Loan)
Click here to download the required document checklist for first round PPP loans 
Click here to download the required document checklist for second round PPP loans

If you have any questions, please contact a member of the Collins Commercial Services Team by calling 800-475-1150 Ext. 2000

Update Regarding the SBA Paycheck Protection Program:

Published on July 7, 2020

Congress passed a bill extending the application deadline through August 8; however, at this time, Collins is not accepting new applications.

SBA Paycheck Protection Program is Now Closed:

Published on June 30, 2020

The SBA Paycheck Protection Program is now closed. We are unable to accept new applications at this time. 

Update Regarding the Application Deadline:

Published on June 12, 2020

The SBA is ending the Paycheck Protection Program on June 30, 2020. All applications and materials must be submitted by 5:00 PM on June 29. 

Update on the SBA Paycheck Protection Program:

Published on May 20, 2020

As part of the Paycheck Protection Program through the SBA, borrowers have the option to apply for forgiveness of their loan amount. This week, the SBA released an application and an initial process for an applicant to apply for loan forgiveness. 

The application requests several pieces of information in order to determine the loan amount eligible for forgiveness. Below is a general list of the information you will be asked to provide. 

  • Weekly payroll for each of your employees/owners from the date of loan closing (as listed on your loan documents) through the next eight weeks
  • Employer paid contributions to employee health insurance or health plans
  • Employer paid retirement contributions 
  • Utilities for business purposes 
  • Interest on business related mortgages closed prior to February 15, 2020
  • Rent or lease payments in place prior to February 15, 2020.

For all questions related to calculating amounts for the above categories, please contact your accountant or tax advisor. 

As a reminder, to qualify for loan forgiveness, PPP loan proceeds may only be used for approved purposes including; payroll costs, employee health insurance and retirement benefit costs, utilities, rent or mortgage expenses, and interest on mortgage debts incurred before February 15, 2020. Please keep detailed records of your use of the loan proceeds.

If you have any question, please contact the Commercial Services Team by calling 319-249-7983. Our team is committed to serving you!

SBA Paycheck Protection Program

In response to the additional $310 billion allocated by Congress for the Paycheck Protection Program, Collins Community Credit Union is accepting a second round of applications. 

If you have already submitted your application materials to the credit union, please know we are working to review your information as quickly as possible. We will be in touch with any new information as soon as it becomes available.

If you haven't submitted your materials, click the links below to get started.

  • click here to download the SBA Paycheck Protection Program application
  • click here to download your document checklist.

When you have the application complete with the required payroll information, please call our team at 319-249-7983. We will then provide you with a secure link to upload your information to the credit union. If you have any questions, do not hesitate to call the Commercial Services Team at 319-294-7983. 

We value your membership and we will get through this challenging time together. 

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