PROGRAM DETAILS

 

Nuvision is dedicated to helping small business owners get through the COVID-19 crisis. The Small Business Paycheck Protection Program (PPP) is designed to help small businesses access short-term cash flow assistance to help you keep employees and cover your operating expenses through the crisis.

We are only taking completed applications for current business members and you will need to know your member number when applying. 

 

CLICK HERE TO APPLY

 

Because of the high number of applications, applying now does not guarantee we will be able to look at and approve your loan request, but to increase your chances please make sure all supporting documents are attached to your application.

Sole Proprietors and Independent contractors must submit their 2019 IRS Form 1040 Schedule C (whether filed or not) with a net profit in box 31 in order for your application to be complete.

Any questions can be sent to [email protected] and a team member will reach out as soon as possible, but please keep in mind that the SBA Loan site opens up Monday morning. Our team will be working hard to load all currently approved applications before they will be able to start working on any new applications. No application will be approved until we receive an SBA Loan number and guarantee, this is based on funds still being available when we enter your application into the SBA’s site.

For complete program details and final rulings, you can visit https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.

 

FREQUENTLY ASKED QUESTIONS

Below is a list of specific questions and answers on the  Small Business Paycheck Protection Program.

Required Documents  +

Borrower will have to include a Good-Faith Certification stating the following:

  • The loan is needed to continue operations during the COVID-19 emergency;
  • Funds will be used to retain workers and maintain payroll or make mortgage, lease, and utility payments;
  • The applicant does not have any other application pending under this program for the same purpose; and
  • From February 15, 2020 until December 31, 2020, the applicant has not received duplicative amounts under this program.
  • ByLaws (Corporation) or Operating Agreement (LLC)
  • Latest Available Business Tax Return
  • Latest Available Internal 2019 YE Financials (Profit & Loss Statement)
  • 2019 IRS 941 Filings
  • Interim 2020 Profit & Loss Statement
  • Proof of Payroll IRS W-3

Loan Forgiveness Requirements – The following will be required for the 8 weeks following the loan origination date.  

  • List of all Full Time Employees with 8 weeks salary + payroll taxes
  • Payroll Tax Filings (941)
  • Forms 1099-MISC (contracted employee’s)
  • 2 months rent with copies of leases
  • 2 months mortgage interest with copy of loan payments
  • 2 months of utility costs with copy of utility payments

 

Who is Eligible for the Small Business Paycheck Protection Program?  +

Small Businesses including sole proprietors, non-profits, tribal business concerns, Veteran organizations, and self-employed people and independent contractors. The applicant does not have any other application pending under this program for the same purpose; and From February 15, 2020 until December 31, 2020, the applicant has not received duplicative amounts under this program.

What is the Small Business Paycheck Protection Program?  +

The Small Business Paycheck Protection Program is a loan that will come directly from Nuvision Credit Union that will be guaranteed by the Small Business Administration (SBA). 

What can you use the PPP Loan for?  +

According to the latest information from the SBA, the loan can be used to retain workers and maintain payroll or make mortgage, lease, and utility payments.

 

As of April 16th, the government has stopped Accepting Applications  for the Small Business Paycheck Protection Program (PPP) – If and when the program receives additional funding we will update the status on this page and begin taking applications again.