TACU Credit Union is a Preferred SBA Lender
CARES Act Funding Relief Options
The U.S. Small Business Administration (SBA) has published details on temporary funding programs in the CARES Act. Please know that TACU Credit Union is a Preferred SBA Lender and we are here to assist you with all of your business needs!
Paycheck Protection Program
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The Paycheck Protection Program is one of the largest sections of the Act and offers nearly $350 billion in government-guaranteed loans to small businesses and non-profit organizations. These loans will help small businesses pay their employees, cover expenses like benefits, rent, mortgage interest and utilities. Within this program, there are no collateral requirements or personal guarantees required. A portion of this PPP loan could potentially be forgiven if it is used for payroll expenses.
Applying for the Paycheck Protection Program (PPP)
We know you may have questions as you navigate through the details of this program. Please know our team is working diligently to serve our members. Please contact TACU’s Loan Department at 608.372.4736 for assistance with any questions or concerns.
To apply, you will need:
- Paycheck Protection Program Application – SBA Form 2483 (found below)
- Signed and Dated by all 20% owners
- Company Financial
- 2019 Quarterly IRS Form 941 (All Quarters)
- All 2019 W-3 (Transmittal of Wage and Tax Statement) and W-2’s
- Invoices, Payroll Reports or Third-Party Reports to document total employer cost of group healthcare benefits in 2019
- Plan Administrator, Payroll Reports or Third-Party Reports to document total employer cost of retirement benefits
- Info required for Sole Proprietorship or Independent Contractor
- Report Showing the sum of all payments of compensation to or net income of a sole proprietorship or independent contractor that is in the form of wages, commissions or net earnings from self-employment
- Sign and Date each document submitted with your application
- Submit application and additional materials to:
- Email: LoanDepartment@tacuonline.com
- Fax: 608-372-4394
- Drop off at TACU Credit Union
All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
To learn more about PPP and determine if your business qualifies, click here.