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Wage protection plan
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。
- 2483-C表 (First ballot, Schedule C filer)
- 2483 - SD - C table (First ballot, Schedule C filer)
- No. 2483 form (1st Lottery -- Revised Edition)
- No. 2483 form (2nd Lot - Revised Edition)
- Overview of PPP initial loan
- Overview of PPP secondary borrowing
- U.S. Chamber of Commerce Small Business Guide to COVID-19 Emergency Lending
PPP eligibility and application information
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:
- Has used the full amount of its first PPP loan for qualifying purposes。
- With 300 or fewer employees (second PPP borrowers with 300 or fewer employees are usually eligible to borrow up to 2 of their average monthly salary.Five times the amount)。
- In any given quarter in 2020, there has been a consistent 25% revenue loss relative to the same quarter in 2019。This will need to be documented and verified in your application。
- The maximum amount of the loan is $2,000,000.00。
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。
Update on PPP loan waivers
If your PPP loan with us is less than $150,000 and eligible for funding in 2020, please check your email to learn about the new Simplified Loan Waiver application。
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。
- Do you need to upload documents directly to the portal on how you use the loan proceeds
- 你 不要 An actual loan waiver application form needs to be completed and uploaded。After your application has been reviewed and approved by ACFCU, you will receive an email to complete and digitally sign the application that the system will create。
- Your application will then be forwarded to the SBA for final approval and refund。
Q&A
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What expenses are eligible for forgiveness based on the initial PPP？
- Remuneration (salary, salary, commission or similar remuneration, with cash tips or equivalent
- Remuneration for leave, parental, family, medical or sick leave
- Termination or separation benefits
- Payments required to provide group health benefits, including insurance premiums
- Pay any retirement benefits
- Pay state or local taxes on employee compensation assessments
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What expenses are not eligible for wages in the original PPP？
- Employee/owner compensation in excess of $100,000
- Taxes collected or withheld under sections 21, 22, and 24 of the U.S. Tax Code
- Compensation for employees whose primary residence is outside the United States。
- Qualified sick and home leave credits are allowed under Sections 7001 and 7003 of the Family First Coronavirus Response Act。
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How much of my original PPP loan will be forgiven？
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。
- The number of employees。If you reduce your number of full-time employees, your loan waiver will be reduced。
- wages。If your salary and salary for any employee earning less than $100,000 annualized in 2019 is reduced by more than 25%, your loan waiver will also be reduced。
- To hire。You have until December 31, 2020 to restore any changes in your full-time employment and wage levels between February 15, 2020 and April 26, 2020。
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What happens if PPP loan funds are misused？
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。
细则
Membership and eligibility requirements apply。