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Collins Community Credit Union

Small Business Resources

Collins Community Credit Union is committed to serving its business members in these uncertain and turbulent times. We understand that you may be feeling worried about your business’ financial health, and may have already begun to be financially impacted by COVID-19. Our team has compiled a list of resources to help you navigate your next steps.

Published on Apr 16, 2020

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!

Update on the SBA Paycheck Protection Program:

Published on April 24, 2020

In response to the additional $310 billion allocated by Congress for the Paycheck Protection Program, Collins Community Credit Union is preparing for a second round of applications. At this time, the Small Business Administration has not officially re-opened the program, however we are encouraging businesses to collect their required materials, complete their application, and submit their information to the credit union.

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 is 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. 

Latest Update on the SBA Paycheck Protection Program:

Published on April 16, 2020

On April 16, Collins Community Credit Union received notice that the first round of funding appropriated by Congress ($349 billion) for the Paycheck Protection Program (PPP) has been exhausted.

At this time, we are no longer able to submit applications for PPP loans to the Small Business Administration. For those that have already received notice of approval, we will be in contact to arrange signing loan documents and disbursing funds. For those that have not received an email notifying you of your approved loan amount, we are unable to proceed with your application.

We understand there are news reports about the approval of additional funding. At this time we have not received any communication from the Small Business Administration. We will hold your application materials temporarily while we wait for more information.

We appreciate your patience and will continue to work to assist our business members during this challenging time.

UPDATE: SBA Paycheck Protection Program

Published on April 6, 2020

Collins Community Credit Union would like to provide an update to our business members on the Small Business Administration’s Paycheck Protection Program.

At this time, we are encouraging businesses to collect their required materials, complete their application, and submit their information to the credit union. 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 is becomes available.

For those that have not submitted their materials, click here to download the SBA Paycheck Protection Program application and click here to download your document checklist. When you have the application complete and the required payroll information, please contact us by calling 319-249-7983. We will then provide you with a secure link to upload your information to the credit union.

We have received several inquiries from members regarding rumors the program has reached capacity or is closed. At this time, neither the US Treasury Department nor the Small Business Administration has issued any statements suggesting to the program is no longer available.

Please do not hesitate to contact a member of our Commercial Services Team by calling 319-249-7983 with any questions.

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

SBA Paycheck Protection Program

Published on April 2, 2020

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Click here for additional program details. 

How to Apply for the SBA Paycheck Protection Program

  1. Download and complete the SBA Paycheck Protection Program Application Form.
  2. Gather additional supporting documentation. Click here to download your document checklist.
  3. Call 319-249-7983 when you’re ready to submit your application and documentation.

Additional Resources:

  • Small Business Administration Paycheck Protection Program Expense Tracking Log
    This will help you track eligible expenses associated with the use of the Paycheck Protection loan proceeds. In order to qualify for loan forgiveness, the funds have to be used within 8 weeks of the loan funding and for specific purposes. If you need a template, please call 319-249-7983 and we can provide you a document. 

As a new program authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), information and requirements are subject to change. This site will be updated as new information becomes available. Applicants hereby agree to assist Collins Community Credit Union in obtaining all necessary information required by the Small Business Administration (SBA) to adhere to and comply with the terms and conditions of the Payroll Protection Program, SBA underwriting guidelines, and any other requirements necessary to obtain federal loan guarantees.

If you have any questions please call 319-249-7983. Our team is committed to serving you.

Small Business Resources

Published on March 23, 2020

Compiled from: Cedar Rapids Metro Economic Alliance, U.S. Small Business Administration (SBA), and Marion Economic Development Corp (MEDCO). 

  • Tax Assistance - The Iowa DOR will review each application to determine if it is appropriate to grant a deferral of the eligible taxes and waiver of penalty and interest. IEDA Director Durham emphasized that today’s announcement for assistance is intended to be a “stop gap” to help keep businesses’ doors open, and it will be reassessed once the latest federal legislation is finalized.
  • SBA CARES Act Assistance for Small Businesses - Click here to view the PDF with full details.  
  • SBA Disaster LoanClick here to view the PDF with full details. Click here to apply.
  • SBA Fact Sheet - Click here to view the PDF. 
  • SBA Offerings - Click here to view the PDF. 
  • Assistance from SBA Partners - Click here to view the PDF. 

How can you support local businesses?

Small businesses are at the heart of our local communities. Many of you have family members, friends, or neighbors who own their own business and understand how they are being impacted during this time.

Do your part in supporting your community; stay home and shop small.

  • Shop online – Many businesses also have an online presence that allows them to conduct transactions and ship their product.
  • Buy gift cards now and use them later.
  • Order takeout from local restaurants.
  • Engage on social media – React to, comment on, and share their content.

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