Paycheck Protection Program through CARES Act
Important Update on Paycheck Protection Program
as of May 5, 2021
As of May 5, 2021, SBA funding for the Paycheck Protection Program has been depleted. At this time, First Commerce Credit Union is no longer accepting PPP applications and the PPP application portal has stopped accepting applications for loans. Applications in process will be impacted by this change. Please contact your lender to discuss the status of your request.
Since the program’s launch in early 2020, the First Commerce Business Services team has processed nearly $35 million in PPP loans, which have enabled our local businesses to save thousands of jobs in the communities we serve. Outside of PPP, we also offer a variety of other solutions designed to meet your business needs. Please contact a member of our business services team to learn more.
For additional information and updates about PPP and other SBA relief programs, visit the SBA COVID-19 web page at: sba.gov/funding-programs/
Update on PPP Loan Forgiveness
In August of 2020, First Commerce began accepting PPP Forgiveness Applications. Many of our PPP recipients have applied for forgiveness and others have opted to wait.
Under the recently past, Consolidated Appropriations Act 2021 (CAA2021), the SBA will be releasing a simplified Forgiveness application for loans under $150,000. This is expected to be released in January 2021.
The Economic Aid Act repealed the requirement to deduct existing EIDL loans from forgiveness, which was a growing concern of PPP recipients. For our borrowers who have questions about how this may impact them, please continue to work directly with your First Commerce PPP lender.
To apply for PPP Loan Forgiveness, please send your completed Forgiveness Application*, along with supporting documents, to your First Commerce PPP lender via email.
*The SBA has provided three versions (full, EZ and Simplified) of the forgiveness application, which may be found at SBA.gov or you can request one from your lender.
Keep Employees on the Payroll with the Employee Retention Credit
There are tax incentives for small businesses affected by COVID-related shutdowns and disruptions. These benefits are available NOW! The credits can hit your bottom line cash flow as soon as your next quarterly filing and are available for all four quarters of 2021.
These credits may deliver cash flow for your business as soon as you claim them. You can file for this credit for every quarter of 2021 on your form 941 filing and may also receive an advance payment of a portion of the credit.
*First Commerce does not provide tax, legal or accounting advice. The information contained here is for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your tax, legal or accounting advisors for further guidance.