Thank you for choosing Bellwether Community Credit Union for your Small Business Administration (SBA) needs. We are pleased that your Paycheck Protection Program (PPP) loan has been funded.

The SBA’s Paycheck Protection Loan program is currently scheduled to end on June 30^th.

At this time Bellwether is no longer accepting applications for Paycheck Protection loans. We may reconsider offering these loans if the Program is reinstated or extended beyond the June 30^th end date.

Now that you have funding, what's next?

The U.S. Small Business Administration recently released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans. SBA will also soon issue regulations and guidance to further assist borrowers and lenders.

The form and instructions include several measures to reduce burdens and simplify the process including:

• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
• Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
• Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Click here to view the application and instructions for small businesses to seek forgiveness at the conclusion of the eight-week covered period, which began with the disbursement of the loans.

It is important to note what the SBA is requiring for loan forgiveness:

• You can apply for forgiveness on all or part of your loan eight weeks after the date on which your PPP loan was funded.
• You will need to submit a request for forgiveness from the SBA through Bellwether Community Credit Union.
• We will email you instructions once more information is available through the SBA.

Please review SBA's current guidelines for more information. We rely on information supplied to us by the SBA, so we can provide that information as a convenience to our members.

According to the SBA, your loan will be eligible for forgiveness in an amount equal to the sum of the following costs incurred and payments made during the 8-week period following loan funding.

• At least 75% of the total forgiveness amount must represent payroll costs.
• The remaining 25% can be spread across eligible rent, interest on mortgage obligations, payments for utility services. Eligible means for obligations that existed before 2/15/2020.

In the meantime, we want to help prepare for your forgiveness application based on the SBA's current guidelines.

What do I need to prepare for loan forgiveness?

• The number of full-time equivalent employees
• Pay rates
• Payments on an eligible mortgage or lease
• Utility payments

Please note that keeping meticulous records on how the funds were utilized will help determine loan forgiveness and save you valuable time. We suggest keeping a clear separation of business spending from personal use.

What documentation will I most likely need?

• IRS payroll tax fillings and state income, payroll and unemployment insurance filings
• Cancelled checks, payment receipts, transcripts of accounts, or other documents verifying payments on covered mortgage, lease obligations and utilities payments

Here is a Frequently Asked Questions document from the SBA.

The New Hampshire District Office of SBA provides a free daily webinar for business owners at 9:00am Monday – Friday to provide updated information and answers to frequent questions. That webinar can be joined at 1-202-765-1264 Conference ID 522 409 519#.

Remember we are here for you during this time. Please reach out to us with any questions or concerns you may have about your loan.