Understanding The Basics

The Payment Protection Program is designed to provide businesses relief now so they can thrive later.

Loan proceeds may be used for specific qualifying expenses:
✓ Payroll Costs and Benefits
✓ Mortgage Interest & Rent
✓ Utilities (electricity, gas, water, transportation, telephone, and internet)
✓ Worker Protection Costs (related to COVID-19)
✓ Uninsured Property Damage Costs (caused by looting or vandalism during 2020)
✓ Certain Supplier Costs & Expenses for Operations

Carpenter small business owner working at a work table

First Draw PPP Loans

  • Who May Qualify

    Small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. In addition, businesses with a NAICS Code that begins with 72 (Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.
  • Full Forgiveness Terms

    First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement employee and compensation levels are maintained; the loan proceeds are spent on payroll costs and other eligible expenses; and at least 60 percent of the proceeds are spent on payroll costs.
Corporate man in a shirt and tie using his phone to bank

Second Draw PPP Loans

  • Who May Qualify

    Borrowers that previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; has no more than 300 employees; and an demonstrate at least a 25% reduction in gross receipts between comparable quarters
    in 2019 and 2020, or the entire year 2019 versus 2020.
  • Full Forgiveness Terms

    Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan; the loan proceeds are spent on payroll costs and other eligible expenses; and at least 60 percent of the proceeds are spent on payroll costs.

PPP Forgiveness Applications

Applications vary based on the borrowers criteria.

Woman looking at laptop screen and taking notes on report

Form 3508EZ

PPP Loan Forgiveness Application

Requires fewer calculations and less documentation. Applies to eligible borrowers that:

  • DID NOT reduce the salaries or wages of their employees by more than 25%, and DID NOT reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and DID NOT reduce the salaries or wages of their employees by more than 25%; OR
  • Are self-employed and have no employees
View 3508EZ application
Business Owner Reviewing Books at Office

Form 3508

PPP Loan Forgiveness Application

  • The dollar amount requested for forgiveness includes adjustments due to decreases in the number of full-time equivalent employees and salary/hourly wage reductions;
  • Unable to operate between 2/15/20 and the end of the Covered Period at the same level of business activity as before 2/15/20 as a result of health directives related to COVID-19 issued between 3/1/20 and 12/31/20;
  • Unsure of EZ application eligibility or want to examine full application including the Schedule A Worksheet
View 3508 application

Form 3508S

PPP Loan Forgiveness Application

For Borrowers that received a PPP loan of $150,000 or less.

View 3508S Application

Paycheck Protection Program Loans are subject to to SBA eligibility guidelines, credit approval and program guidelines. Benefits and requirements are not finalized. This is not a complete description of all eligibility requirements. Additional program restrictions may apply. Tulsa FCU eligibility and membership required. Financing maximums and terms are determined by borrower qualifications and use of funds. Tulsa FCU does not provide tax advice. Consult an advisor regarding a particular financial situation.

All SBA PPP loan payments are deferred for 6 months; however, interest will continue to accrue over this period.

“Loan Forgiveness” is not a grant. A portion of the PPP loan that may be forgiven if the borrower provides the required evidence of eligible costs paid over an 8-week period following loan origination. These “eligible costs” include but are not limited to, payroll costs, rent, and mortgage interest payment, utilities (electricity, gas, water, transportation, and telephone or internet access). Certain actions may reduce the amount of forgiveness, such as reducing the number of employees or reducing employee salaries or wages. Documentation of your “eligible costs” and documents that verify the number of full-time equivalent employees and pay rates are required. You must certify that the documents are true.