
New Funding Legislation for PPP Loans
Apply for a First or Second Draw PPP Loan
SBA has released applications for obtaining a Paycheck Protection Program Loan. Please review all information below, complete the appropriate PPP Loan Application, and send it to COVID19relief@gwcu.org with “Application Attached” in the subject line. Incomplete, illegible, or inaccurate applications may cause a substantial delay in processing your request.
There are two PPP Loan Application Options:
- First Draw
- Only available to businesses who did not receive a PPP Loan prior to August 8th, 2020
- Based on 2.5x your monthly average payroll
- Full balance may be eligible for forgiveness, provided that at least 60% of the funds are used for eligible payroll costs. The remaining 40% may be used for mortgage interest payments, rent payments, utilities, some covered operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
- Download the Top Line Overview of First Draw PPP Loans provided by SBA
- Second Draw
- Available to any business that received a PPP Loan prior to August 8th, 2020
- Based on 2.5x your monthly average payroll (3.5x if your NAICS code begins with 72)
- Requires that the business demonstrate a 25% reduction in gross revenue from at least one quarter in 2020 to the same quarter in 2019
- Full balance may be eligible for forgiveness, provided that at least 60% of the funds are used for eligible payroll costs. The remaining 40% may be used for mortgage interest payments, rent payments, utilities, some covered operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
- Download the Top Line Overview of Second Draw PPP Loans provided by SBA
Open, download, and save the application to your computer prior to entering any information.
Download a First Draw PPP Application here.
Download a Second Draw PPP Application here.
As the business owner, you are responsible for the accuracy of the information you provide, and Goldenwest Credit Union is relying upon the documents and certifications you make. We strongly recommend that you consult with Legal Counsel and a CPA/Accounting Professional to ensure you are eligible for a PPP Loan. Please visit www.sba.gov/ppp for additional program details.