Small Business Administration (SBA)
Paycheck Protection Program

You may be eligible for a loan under the Small Business Administration (SBA) Paycheck Protection Program. The program is designed to provide small businesses access to capital for payroll and other overhead costs.

 

Premier Members has established the following criteria to be able to submit an application through the credit union for a Paycheck Protection Program (PPP) loan:

  • You must have an existing Premier Members (or formerly Pueblo Horizons FCU) membership account that has been active since February 15, 2020.
  • You must be authorized to borrow on behalf of the business.
  • You must not have received a Paycheck Protection Program (PPP) loan or applied for a Paycheck Protection Program (PPP) loan from another financial institution.
  • The minimum loan amount is $1,000, and the maximum amount will be determined based primarily on your payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to your affiliated companies.
  • You should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL) you have received.
  • Other restrictions may apply.

As part of your application, you will be asked to provide what documents you can from the list below. We have a process in place to review your application and document submission, and a loan officer will be in touch with you to complete your application after submission. Please be patient as we are receiving many requests at this time. For faster processing, please submit only PDF or Excel format files.

  • Copies of payroll tax reports file with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available) should be presented.
  • Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan.
  • Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination. Copies of the monthly invoices should suffice.
  • Documentation of all retirement plan funding by the employer for the immediately preceding 12 months. Copies of work papers, schedules and remittances to the retirement plan administrator should be sufficient.

We are here to support you and all of our members during this difficult time and will do everything we can to expedite getting you the emergency funds you need. Please be patient as we process through your application and the many others we have received.

Paycheck Protection Program

The Paycheck Protection Program is designed to provide small businesses access to capital for payroll and other overhead costs. For more information visit the small business section of the Treasury Department CARES website.  More information is available at the links below.

LOAN INFORMATION

WHO CAN APPLY

LOAN DETAILS AND FORGIVENESS

Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

PMCU is now accepting applications. The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Premier Members has established the following criteria to be able to submit an application through the credit union for a Paycheck Protection Program (PPP) loan:

  • You must have an existing Premier Members (or formerly Pueblo Horizons FCU) membership account that has been active since February 15, 2020.
  • You must be authorized to borrow on behalf of the business.
  • You may not have received a Paycheck Protection Program (PPP) loan or applied for a Paycheck Protection Program (PPP) loan from another financial institution.
  • The minimum loan amount is $1,000, and the maximum amount will be determined based primarily on your payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to your affiliated companies.
  • You should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL) you have received.
  • Other restrictions may apply.

 

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor PMCU will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

At this time, the SBA has opened up the Forgiveness phase of the Payroll Protection Program.  You can apply for Forgiveness through our partner Alpharank by visiting https://pmcu.forgivesmb.com.  

Before you start the forgiveness process, watch this video for more information.

Thank you for choosing Premier Members for your SBA Paycheck Protection Program Loan.