Flexible Small Business LoansSBA Small Business Loans

Important Update: On December 28,2020 the Economic Aid Act was signed into law and includes funding for additional SBA Paycheck Protection (PPP) loans. Businesses that did not receive a loan previously are able to apply for a PPP First Draw loan. Businesses that have received a PPP loan but have used all the funds for eligible purposes and can demonstrate a 25% reduction in revenue may be eligible to apply for a PPP Second Draw loan. 

You may be eligible for this loan if:

• You have less than 500 employees
• You did not receive a prior PPP Loan (please see SBA PPP Second Draw Loan)
• You did receive a prior PPP loan but returned some or all of your PPP funds or applied for less than the full amount you qualified for and have not applied for forgiveness.

First Draw PPP Loans made to eligible borrowers qualify for full forgiveness if during the 8-24 week covered period following loan disbursement:

• Employee and compensation levels are maintained.
• The loan proceeds are spent on payroll costs and other eligible expenses
• At least 60% of the proceeds are spent on payroll costs

For more information and resources to assist you in determining your eligibility please refer to information provided by the Small Business Administration by following the link below:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans

Application Process

Step 1: Compile required documentation based on your type of business shown below and complete your application.

All Borrowers

• Form 2483 – First Draw Borrower Application (click to follow link)
  • Calculation of loan amounts 
    https://home.treasury.gov/system/files/136/PPP--How-to-Calculate-Maximum-Loan-Amounts-for-First-Draw-PPP-Loans-and-What-Documentation-to-Provide-By-Business-Type.pdf

• Must initial all certifications and fully complete application. Incomplete applications cannot be processed, due to SBA requirements

• Copy of your February 2020 business bank statement
• Driver’s License for all 20% owners
• 2019 or 2020 Business Tax Return (depending on which one you used to calculate your loan amount

For members who pay employees

• Internal Payroll report - names, total compensation and country of principal residence for all employees as of 2/15/2020
• All 2019 or 2020 W-3 and W-2’s
• EMPLOYER cost of group healthcare benefits in 2019 or 2020- Invoices, payroll reports or third-party reports to document total Do not include any employee contributions to healthcare.
• EMPLOYER cost of retirement benefits, Plan Administrator, payroll reports or other third-party reports to document total. Do not include any employee contributions.
• Helpful Hints
  • Do not include any Federal employment taxes imposed or withheld

If you Operate as a Sole Proprietorship-File taxes on Schedule C or Schedule F

• If you file your taxes on a 1040 Sch C or 1040 Sch F you MUST provide a copy of your 2019 or 2020 Schedule to be eligible for a PPP loan. This is required regardless of the filing status of your 2020 tax return.   
• Date your business originated

S-Corp, C- Corp, LLC, Partnerships, Non-profits

• Articles of Organization/Incorporation

Step 2: Upload your application and supporting documentation to our secure portal at the link below. You will be required to set up a username and password. Please select New Request and then follow the prompts to apply and download your information.

https://WESTconsin.marqportal.com/signin

Step 3:  Within four (4) business days you will receive a notification your application has been received and if your application appears complete or if additional information is required.

Step 4:  WESTconsin Credit Union will review your application and supporting documentation in full and send you an email summarizing our review. This step may take up to 14 business days to complete.

Step 5: WESTconsin Credit Union will upload your application to SBA. SBA will complete a review of your business and application and issue a decision. This step may take up to 30 days. We will inform you of SBA’s decision via email.

Step 6:  If your loan is approved you will receive an email with instructions on closing your PPP loan within 10 days.

You may be eligible for this loan if:

• You have received a prior PPP loan from WESTconsin Credit Union and will or have used the full amount of the proceeds only for authorized uses
• Have less than 300 employees
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Second Draw PPP Loans made to eligible borrowers qualify for full forgiveness if during the 8-24 week covered period following loan disbursement:

• Employee and compensation levels are maintained.
• The loan proceeds are spent on payroll costs and other eligible expenses
• At least 60% of the proceeds are spent on payroll costs

For more information and resources to assist you in determining your eligibility please refer to information provided by the Small Business Administration by following the link below:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans

Application Process

Step 1: Compile required documentation based on your type of business shown below and complete your application.

All Borrowers

• Form 2483-SD – Second Draw Borrower Application (click to follow link)
  • Calculation of loan amounts  https://www.sba.gov/document/support-second-draw-ppp-loans-how-calculate-revenue-reduction-maximum-loan-amounts-including-what

• Must initial all certifications and fully complete application. Incomplete applications cannot be processed, due to SBA requirements

• We will fill in the SBA number on your application for you from your prior PPP loan at WESTconsin Credit Union, you may leave it blank.
• If your request is over $150,000 proved documentation demonstrating a 25% reduction in revenue in any quarter of 2020 compared to the same quarter in 2019 (must be calendar quarter)

For members who pay employees

• No additional documentation is required to substantiate payroll costs if:
  • You used 2019 figures to determine your prior PPP loan as well as to calculate your loan amount for the Second Draw PPP loan and have supplied that information to us previously.

If your payroll expenses have changed or you used 2020 information to calculate your payroll expenses, please submit the following:

• Internal Payroll report - names, total compensation and country of principal residence for all employees as of 2/15/2020
• All 2019 or 2020 W-3 and W-2’s
• EMPLOYER cost of group healthcare benefits in 2019 or 2020- Invoices, payroll reports or third-party reports to document total Do not include any employee contributions to healthcare.
• EMPLOYER cost of retirement benefits, Plan Administrator, payroll reports or other third-party reports to document total. Do not include any employee contributions.
• Helpful Hints
  • Do not include any Federal employment taxes imposed or withheld

If you Operate as a Sole Proprietorship-File taxes on Schedule C or Schedule F

• If you file your taxes on a 1040 Sch C or 1040 Sch F you MUST provide a copy of your 2019 or 2020 Schedule to be eligible for a PPP loan. This is required regardless of the filing status of your 2020 tax return.  If you choose to use 2019 tax return and submitted it to us with your first PPP loan you do not need to submit it again.  If you choose to use 2020 Schedule C please submit with your new application.

Step 2: Upload your application and supporting documentation to our secure portal at the link below. You will be required to set up a username and password.  Please select New Request and then follow the prompts to apply and download your information.

https://WESTconsin.marqportal.com/signin

Step 3:  Within four (4) business days you will receive a notification your application has been received and if your application appears complete or if additional information is required.

Step 4:  WESTconsin Credit Union will review your application and supporting documentation in full and send you an email summarizing our review. This step may take up to 14 business days to complete.

Step 5: WESTconsin Credit Union will upload your application to SBA. SBA will complete a review of your business and application and issue a decision. This step may take up to 30 days but generally occures within seven days. We will inform you of SBA’s decision via email.

Step 6:  If your loan is approved you will receive an email with instructions on closing your PPP loan within 10 days.

Several sections of the recently passed Economic Aid Act include improvements to forgiveness processing for borrowers with loans under $150,000.  In addition to defining streamlined processing, it includes new benefits for some borrowers that are only available if their existing PPP loan has not been processed for forgiveness.  You have until the maturity date of the loan to apply and SBA will pay any accrued interest as well as the principal on the forgiveness amount.  We continue to recommend waiting to apply for forgiveness to ensure you can take advantage of developing improvements, guidance, and potential increased benefits with limited to no risk of additional costs to you. 

We continue to recommend waiting to apply for forgiveness to ensure you can take advantage of developing improvements, guidance, and potential increased benefits with limited to no risk of additional costs to you. 

However, if you would like to apply for forgiveness now, you may do so by following the steps below.

Steps to apply for PPP Forgiveness

To begin preparing we recommend the following steps:

STEP 1. Consult with your accountant and/or payroll company for tools they may have available or tax guidance

• Many payroll companies have created individualized reports for their customers to use in applying for PPP forgiveness.
• You may have tax considerations to consider in terms of timing when to apply and how it affects other aspects of your tax planning that are important to discuss with a tax professional.

STEP 2. Review and follow Forgiveness Application Instructions including required supporting documentation requirements that have been released by SBA when completing your application and gathering data.

If your PPP loan amount was UNDER $150,000 follow the links below:

• 3508S Instructions & Application

If your PPP loan amount was OVER $150,000 follow the links below. Review the instructions in Form 3508EZ and if you do not qualify based on the criteria shown on page one review and complete Form 3508

• 3508EZ Instructions & Application
• 3508 Instructions & Application

STEP 3. Apply online through our secure portal to review and submit to SBA by following the link below:

https://WESTconsin.marqportal.com/signin

For the most up to date guidance released by SBA and the Treasury follow the following link: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

If you have specific questions regarding your PPP loan, you can email them to [email protected]WESTconsincu.org

At WESTconsin Credit Union we are proud to be a SBA Express Delegated Lender. That means we can underwrite, approve and process your SBA Express loan quicker and easier.

• Loan amounts up to $500,000 (temporary increase in loan maximum to $1,000,000 through 9/30/21)
• Quick decisioning
• Down payment requirement as low as 10%
• Eligible for most business loan purposes
• Lines of Credit
• Term loans
• Owner occupied real estate loans with maturities up to 25 years

• Loan amounts up to $5,000,000
• Down payment as low as 10%
• Eligible for most business loan purposes
• Term loans for equipment purchases
• Owner occupied real estate loans with maturities up to 25 years

• Owner occupied real estate and large equipment projects
• Down payment as low as 10%
• Loan amounts from $200,000 to $10,000,000
• Up to 25 year low fixed interest rate