Apply for the SBA’s Paycheck Protection Program (PPP) | Lutheran Federal Credit Union
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Apply for the SBA’s Paycheck Protection Program (PPP)

New guidance from the SBA as of May 27, 2020:

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

  • Previous guidance indicated that all loan proceeds must be spent during the eight-week period beginning the date the loan proceeds were disbursed. The updated instructions indicate that for payroll purposes only, the eight-week period can begin on the first day of the first pay period following the disbursement of the PPP loan. 
  • Eligible payroll costs include both those paid and incurred during the eight-week period. Payroll costs incurred but not paid during the eight-week period are eligible for forgiveness if paid on or before the next regular pay date. 
  • Non-payroll costs must be paid or incurred during the eight-week period beginning on the date of loan disbursement, which could create two separate eight-week periods for organizations to track. These costs can include payments on mortgage interest, business rent or lease payments of real or personal property and utility payments. If utility costs are incurred but not paid during the eight-week period, they must be paid on or before the next regular billing date. 

 

PPP Loan Forgiveness Calculation Form: Effective May 15, 2020:

https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf

 

If you have questions regarding the SBA PPP Loan, please email SBA@Lutheranfcu.org
 

In order for an LCMS congregation, school or RSO to apply for a PPP loan, it first must be a member of LutheranFCU.

Apply for LFCU Membership:

https://www.lutheranfcu.org/files/SBA_Congregation_Entity-mbshp-app1-1.pdf

 

If already an LFCU member- application for the PPP:

https://lender.loan-street.com/sba-ppp/institution/LTHRNFCU/job/LEAD_LENDER

 

PPP Borrower Instructions:

If you need technical assistance while completing, please contact support@loan-street.atlassian.net

https://www.loan-street.com/hubfs/Filing%20a%20PPP%20application%20as%20a%20Borrower.pdf

 

Need help with the calculation of your PPP?

The link below provides you with a tool to be downloaded and used in excel with the noted disclaimers.

https://docs.google.com/spreadsheets/d/1xp48GdWOMlHDo6MQwqExPFdwIDM7XTNTAI-kNCHuVaI/edit#gid=2023712046

Have a PPP loan and wondering what to do now?

https://files.constantcontact.com/9ada987a001/07396f8d-0aea-434e-a7c7-5ced8c441383.pdf