ACFCU is now accepting salary Protection Program (PPP) applications from the following persons Eligible self-employed persons and businesses.Effective immediately, the SBA now allows new PPP applicants for sole proprietorship, independent contractors and self-employed businesses to use their IRS Form 1040 C gross income to calculate their eligible PPP loan amount。
The SBA has issued a new application form that all borrowers must now use when applying for PPP loans。The application form with instructions is in the PPP Resources section below。These forms are the latest draft available from the SBA, but are subject to change。Applications should be sent by email to business@thestudioentrance.com A member of our commercial lending team will follow up with you。
The deadline for PPP applications has been extended。Your application must be submitted to ACFCU by 5pm on Monday, May 24, 2021。
Eligible self-employed persons and businesses Businesses with 500 or fewer employees who have not previously received A PPP loan may apply for a PPP loan (subject to meeting all other applicable application requirements and scheme rules)。
Former recipients of the PPP loan will be eligible for a second loan if, among other requirements, they: 1:
ACFCU requires applicants who have already received a PPP loan in 2020 to participate in the waiver application process for that loan when applying for a second PPP loan。This may help secure SBA waivers for the two PPP loans。
If you have a first-round PPP loan funded in 2020 with less than $150,000, please complete the new Abbreviated Loan waiver application as soon as possible。You can access this form through our online forgiveness portal。If you have never received a link to the Exempt Portal, or have problems accessing it, please email our team at the address business@thestudioentrance.com.If you have any questions, please submit them to this email address。
Keep the following points in mind as you navigate the portal site。
If you use the loan amount for anything other than salary expenses, mortgage interest, rent and utilities within eight weeks of getting the loan, you will owe money when the loan matures。No more than 40 per cent of the amount waived can be used for non-payroll expenses。
If you don't maintain your staff and payroll, you'll also owe money。
If you use PPP funds for unauthorized purposes, the SBA will instruct you to reimburse these funds。If you knowingly use the funds for an unauthorized purpose, you will have additional liability, such as being accused of fraud。If one of your shareholders, members or partners uses PPP funds for an unauthorized purpose, the SBA will have recourse for the unauthorized use of such shareholder, member or partner。
Membership and eligibility requirements apply。
On Wednesday 5 May 2021, the SBA announced that funding for the Salary Protection Program has been exhausted and we are no longer able to accept any new PPP applications。