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Paycheck Protection Program

Please note: Information related to this program is changing very rapidly. We are monitoring new developments and will do our best to keep this page updated as we receive new information.

The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds are provided in the form of loans that will be fully forgiven and can also be used to pay interest on mortgages, rent, and utilities.

Unfortunately, according to the latest NCUA guidance, credit unions are not eligible to borrow under the PPP, but some CUSOs, leagues and associations may be eligible. Alloya has received SBA certification to process PPP loans for those organizations who are qualified to borrow under this program.

If you would like to be notified as more information becomes available, please fill out the interest form below.

 

Application Process

We are starting to begin the process of accepting applications. We will continue to post additional information as we learn more. Thank you for your patience as we navigate this process together.

To learn more about the program in general, visit the Assistance for Small Business section on the Treasury website at
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

On this page, you can:

 

What other documents will I need to include in my application?
You will need to provide Alloya with payroll documentation. You must provide us with documentation on the number of employees (must be less than 500) and the payroll data listed below.

  • 2019 Payroll – Total payroll data (See below for calculations) for full year 2019 or the previous 12 months, by employee, as reported to the IRS – Please do NOT provide names/SSN or other identifiers.
  • Payroll report – as of February 15, 2020, or closest date after that date, by employee (to determine current employee count)
  • Other information – required by the application is available at the U.S. Treasury website

 

SBA Releases PPP Loan Forgiveness Application and Detailed Instructions

The Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

New SBA instructions for PPP Loan Forgiveness have been created.  All borrowers should use these forms going forward for all situations and calculations. Please review the bullets below for further direction:

  • Borrowers should review the EZ instructions FIRST to see if they can fill out just the EZ form 3508EZ.
  • If Borrowers are unable to complete the EZ form due to the questions on page 1 of the EZ instructions, then they should complete the Revised Full application.
  • All Borrowers should submit the required information to their lender as documented in each of the applications/instructions.

Applications and Instructions:


Interest Form:
I would like to be notified when more information becomes available regarding the Paycheck Protection Program (PPP) and credit unions.

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