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.
Please review and complete prior to calling PCU contact center.
- Learn about the program. Please read up on the Second Draw PPP administered by the US Small Business Admin
- Determine your eligibility. Generally speaking, businesses and non-profits (501c3) with fewer than 500 employees qualify.
- 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.
- If this is your First Draw PPP loan – Use this form
- If this is your Second Draw PPP Loan – Use this form
- 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.
- After your application has been submitted, it will move into processing. You will receive an email once a final decision is made.
- If approved, funds will be deposited directly into your PCU Business Checking account, and 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.
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).
- COVID-19 Resource Page (PCU)
- U.S. Small Business Association website (SBA)
- COVID-19 Resources for Washington Small Businesses
- Coronavirus Emergency Loans Small Business Guide Checklist (PDF) prepared by the U.S. Chamber of Commerce
*APR=Annual Percentage Rate