We are Here to Help Our Business Members

Firstmark Credit Union is here to help our business members amid the COVID-19 (Coronavirus) crisis by providing an online referral application portal¹ for business members seeking to apply for relief funds under the Payment Protection Program. You can submit your application through June 30, 2020. The Payment Protection Program loan will provide funding for payroll costs up to eight weeks, so you can retain your current employees.

What is the Paycheck Protection Program? 

Recently added as an SBA loan program, the Paycheck Protection Program provides federally-guaranteed loans to eligible small businesses. Loans can be up to $10 million and may be partially forgivable. These loans are intended to help small businesses retain employees throughout and after the COVID-19 crisis.

As dictated by the CARES Act, the SBA will commit to helping small business owners across America borrow $349 billion. The Paycheck Protection Program covers operational expenses beginning February 15, 2020 and ending on June 30, 2020.

How Can You Use Your Paycheck Protection Program Loan?

The loan may only be used for:

  • Payroll costs and employee commissions or similar compensations
  • Insurance premiums and group healthcare benefits during paid sick, family or medical leave
  • Mortgage interest payments (but not prepayment or payment of mortgage principal)
  • Commercial space rent and utilities
  • Interest on any other debt obligations incurred before the covered period
Is Your Business Eligible?

Loans are available to businesses that meet the following eligibility requirements:

  • You have fewer than 500 employees
  • You need to have been in business on February 15, 2020
  • You’re a small business concern, a 501(c)3, a sole proprietorship, self-employed individual, independent contractor or a veteran's organization
  • You had employees for whom you paid salaries and payroll taxes
  • Your business has been impacted by COVID-19
  • In addition to meeting the eligibility requirements, you must also make a good faith certification that:
    • You will use the funds to retain workers and maintain payroll and other debt obligations
    • You have not already applied for payroll assistance under the CARES Act
Loan Terms & Conditions

The maximum loan amount is $10 million.

  • Interest rate 1.0% fixed rate
  • All payments are deferred for six months; however, interest will continue to accrue over this period
  • Zero loan fees
  • Zero prepayment fees
  • Loan will be repaid in two years
  • No collateral required

Eligible payroll costs include:

  • Wages, salaries, tips (maximum $100,000 of annualized compensation per employee), including vacation, medical and sick leave
  • Retirement contributions
  • Healthcare benefits (includes premiums paid)
  • State and local employment taxes paid

PPP Benefits

  • 1.0% fixed interest rate
  • Loans are fully forgivable
    • Businesses may have the entire loan amount forgiven if at least 75% of the loan is used to cover payroll and employees are retained or rehired
  • Zero fees
  • No payment for six months
  • No prepayment fees

 

Calculating Payroll Costs

  • Payroll costs are calculated on a gross basis without regard to federal taxes imposed or withheld
  • Excludes: employer share
  • Excludes: salaries in excess of $100,000 but includes benefits (non-cash compensation)
  • Includes: employer contributions to defined-benefit or defined-contribution retirement plans
  • Includes: payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums
  • Includes: payment of state and local taxes assessed on compensation of employees
How to Apply

Please click the link below to access the application portal. You will need the following documents:

  • Number of employees as of February 15, 2020
  • Copy of front and back of Government issued ID | Driver's License, Passport, Military, etc. (required)
  • Payroll Register for the full 2019 year (required)
  • Payroll Register for all available months in 2020 (required)
  • All 2019 IRS Form 941s or 2019 IRS Form 944s (for applicants with employees)
  • 1099-MISC (for applicants that are independent contractors)
  • 2019 IRS 1040 Schedule C (for applicants that are self-employed)
  • 1099-MICS for each self-employed owner (for applicants that are self-employed)

Please ensure all uploaded documentation is legible and preferably in .pdf or .jpg format.

To learn more, please visit the SBA Paycheck Protection Program.

  1. Firstmark (“Credit Union”) is providing this application portal service as a courtesy to businesses seeking to apply for the Paycheck Protection Program (“Program”).  While Firstmark is not originating loans directly under the Program, the Credit Union has worked with its partners to provide a solution for its members and other businesses seeking to apply for relief funds under the Program.  The Credit Union is not originating, processing, or funding loans under the Program, and is acting in the capacity of a Referral Partner only to accept applications and direct them to the SBA for review, to be funded by a pool of approved lenders.  The ability for borrowers to access funds under the PPP is strictly based upon SBA eligibility and the credit decision of the financial institutions providing funding through the portal.  At Firstmark, we want to support your business through the pandemic crisis; however, we may have limited ability to address your questions on this program and the application process.