An additional $310 billion in federal funding is now available for the Paycheck Protection Program (PPP). Partner Colorado is currently taking applications for the new wave of funding.
Click here for information and guidelines on the PPP from the Small Business Administration (SBA).
Who Can Apply?
Small businesses with 500 or fewer employees, including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.
Here’s What You Need to Apply
- The date you started your business. (You need to have been in business on February 15, 2020)
- Documentation verifying your average monthly payroll costs. Payroll costs include salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee).
- Employee benefits including costs for vacation, parental, family, medical, or sick leave; an allowance for separation or dismissal.
- Payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit.
- State and local taxes assessed on compensation.
- For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.
Additionally, here is guidance from the SBA on how to calculate your payroll costs to determine the amount you should request when applying for your PPP loan.
Business Membership Required
In order to apply for the SBA's Paycheck Protection Program, you must have a business account with Partner Colorado Credit Union. If you don’t currently have a business account with us, you will need to establish membership before we can process your loan application. Additional documentation may be required to establish your business account, depending on the type of business you own.
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