Helping small businesses through the Paycheck Protection Program (PPP) funding and forgiveness process.
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
Applications vary based on the borrowers criteria.
Requires fewer calculations and less documentation. Applies to eligible borrowers that:
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.