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Small Business Assistance During COVID-19

Economic Aid Act

The CARES Act, recently passed by the federal government, includes funding to help businesses keep their workers employed during the COVID-19 pandemic. Small businesses are vital to the health and wellness of our community and we recognize the important role they play in supporting our economy. PCU is committed to helping our members navigate this process.

Our process requires connecting with us on the phone and using secured email exchanges. This method helps ensure that each application we submit to the SBA is accurate and complete. Please read the steps below and if possible, have all your documents ready before applying.  We want to help business members get access to this funding as quickly as possible.

Five Things you Should Know About the Paycheck Protection Program (PPP)

1.There is more than $259 billion in PPP Second Draw Funding with more businesses now eligible

The Economic Aid Act also expanded the list of businesses that are now eligible to receive PPP loans.  These new groups include 501c(6) organizations like chambers of commerce, nonprofits and religious entities, live event venues (theater, museums, and zoos), and local news organizations.

The guidance outlined the following set-asides for small businesses of less than 10 employees, women- and minority-owned businesses, and those in economically disadvantaged areas, were shut out of the program while large businesses, chains, and publicly traded companies received funding.

2. The last day to apply for a Second Draw PPP loan is
May 31, 2021.


3. SBA Resource Partners can help you with the PPP application or loan forgiveness process.

Through webinars, virtual meetings and phone calls, business advisers from the SBA Resource Partner Network are helping small businesses navigate through the PPP process. Plus, they are working with businesses on their individual recovery plans. Connect with a SBA Resource Partner near you or one of the many other helpful resources from the Federal Resources for Small Business website.

4. We want to know how the PPP has helped your business.

We’ve been answering a lot of questions from businesses about the PPP process along the way. Now we want to hear the end result. Tell us your story of how the PPP has helped your business and your employees.

5. Report fraud to the SBA Office of Inspector General.

While new programs are helping people through difficult times, unfortunately, it comes with new avenues for scams and fraud. If you suspect fraud on an SBA program or want to learn more about known scams and alerts, visit the SBA Office of Inspector General website.

Application Steps
Please review and complete prior to calling PCU contact center. 

  1. Learn about the program. Please read up on the Second Draw PPP administered by the US Small Business Admin
  2. Determine your eligibility. Generally speaking, businesses and non-profits (501c3) with fewer than 500 employees qualify.
  3. Complete an application form. We will have an application portal available to complete online. In order to be better prepared we have attached the SBA forms that can be downloaded.
    1. If this is your First Draw PPP loan – Use this form
    2. If this is your Second Draw PPP Loan – Use this form
  4. Gather all necessary documentation in digital format to allow for the documents to be uploaded with your online applications. Documents include payroll information such as tax forms, quarterly financial statements, payroll processor records, and/or bank statements.  Bank statement alone will be insufficient documentation.  Self-employed will submit 2019 Federal Tax Returns.
    Second Draw PPP participants must be able to provide documentation to establish a revenue reduction of 25% or greater in 2020 relative to 2019.
  5. After your application has been submitted, it will move into processing. You will receive an email once a final decision is made.
  6. If approved, funds will be deposited directly into your PCU Business Checking accountand no further action is needed.

Please do not send us any applications via unsecure email nor drop off at a Branch, only applications submitted online will be accepted. 

Frequently Asked Questions

Have a question not covered below? Send us an email at [email protected]. For security reasons, please do not include any personal information.

A minimum of 60% of the Second Draw PPP funds must be used for payroll. Additional expenses that can be offset from the Second Draw PPP funds are; Mortgage Interest, Rent, Utilities, PPE, expenditures for software and computer systems, expenditures to upgrade facilities to meet COVID requirements, and uninsured losses due to civil unrest.
The maximum loan amount is determined based on criteria set forth by the SBA. Generally, the maximum loan your business qualifies for will be based on your average monthly payroll over the prior 12 months and multiplying that number by 2.5. For sole proprietors, independent contractors, and self-employed individuals, the sum of any compensation that is a wage, commission, income, or similar compensation. (Not to exceed $100,000).
The interest rate for the loan is set by the SBA and is currently 1.00% APR*.
Loan allows for deferred payments up to 6 months Repaid over a 5 year term Portions of the loan principal amount may be forgiven by the SBA based on the rules and requirements set by the SBA No collateral or personal guarantees are required Terms and conditions are subject to change
Relevant tax forms, annual tax forms, quarterly financial statements, payroll process records, or bank statements may be submitted. Bank statements alone will not be sufficient to qualify for a Second Draw PPP loan. Those businesses participating in the PPP program a second time must be able to provide documentation to establish a revenue reduction of 25% or greater in 2020 relative to 2019.
Yes, You will need to be an existing PCU Business Member prior to your Second Draw PPP loan funding.
A business loan must be attached to a business membership and the constraints of this program require the borrower to have a previously established business membership as of February 15, 2020.
No collateral or personal guarantees are required. No government nor lenders will charge small businesses any fees. Note: Loan forgiveness may be affected by how a borrower uses the funds. You should be certain to consult with the SBA and your legal advisors prior to using any funds advanced under this program.
Credit will not be pulled and your credit will not be adversely affected if you are denied.
Files currently accepted include Word (.doc or .docx), Excel (.xls or .xlsx) and PDF (.pdf)
Borrowers may be eligible to have their loan forgiven based on rules established by the SBA. Should you intend to seek full or partial loan forgiveness, you and your legal advisors should consult with SBA to confirm you are in compliance with any loan forgiveness requirements.
The SBA also has other programs available including the Economic Injury Disaster Loan, SBA Express Bridge Loan and the Debt relief loan for businesses. Please visit their website at www.sba.gov or learn more or check out the Additional Resource section below.

Application Deadline

Applications are accepted through May 31, 2021, or until funding provided by the CARES Act has been exhausted.

Documentation You’ll Need Before Applying

  • A completed SBA PPP application (PDF)
  • For partnerships, LLCs, and corporations, you’ll need to complete a Certification Regarding Beneficial Owners form.
  • For partnerships, LLCs, and corporations, you’ll need to complete the PCU SBA PPP Payroll Expenses Worksheet. Filling out this form will help you organize your needed documentation and greatly assist us move more quickly consider and process your application. Completing the form and submitting with the above documentation is strongly recommended.
  • 2019 IRS quarterly 940 (PDF) 941 (PDF) or 944 (PDF) payroll tax reports.
  • Payroll reports for a 12-month period (ending on your most recent payroll date), which will show the following information:
    • Gross wages for each employee, including officer(s) if paid W-2 wages
    • Paid time off for each employee
    • Vacation pay for each employee
    • Family medical leave pay for each employee
    • State and local taxes assessed on an employee’s compensation
    • Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan. Include all employees and the company owners.
    • Document the sum of all retirement plan funding that was paid by the company owner(s) (does not include funding that came from the employees out of their paycheck deferrals). Include all employees, including company owners. Also, include 401K plans, Simple IRA, SEP IRAs.
    • For self-employed and independent contractors, documentation is required to submit your application. The preferred documents are: 2019 Form 1040 Schedule C (PDF) or an estimated 2019 Form 1040 Schedule C (PDF).

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*APR=Annual Percentage Rate

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