- The PPP application
- Supporting documentation of average monthly payroll calculations for the prior year (examples: IRS form 941 for corps / tax returns including schedule c for sole props)
- Certificate of good standing, if applicable
April 16, 2020- We have received notification that Government funding for the Paycheck Protection Program has reached the $349 Billion maximum funding level as of the morning of April 16, 2020. Additional program funding by the US Treasury is under consideration with hopes that a bill will be passed soon.
Business Members who have submitted a PPP application will be contacted with an update as to the status of your loan. First Citizens’ Federal Credit Union will retain any completed applications currently ready for submission that could be applicable to future potential loan requests, but please know that they will not be able to be submitted to the SBA for approval unless and until they announce more funding becomes available for this program or a similar program.
As a reminder, we have received a high volume of requests, even if additional funds become available through the SBA, First Citizens’ cannot guarantee any loan requests submitted will receive funding. As an SBA Preferred Lender, we continue to help small business customers with alternative lending options. Please contact your Commercial Lender for more information.
April 13, 2020- We wanted to take this opportunity to provide an update on our participation in the SBA’s Paycheck Protection Program (PPP).
The demand for this program has been extraordinary since the program launched on Friday, April 3. We have received hundreds of applications and calls from our business members wishing to take advantage of the PPP. After receiving additional information from the SBA, First Citizens’ has decided to accept applications for all businesses that have a banking relationship with us as of April 3, 2020, at this time. If your account is with another bank other than First Citizens’ Federal Credit Union, we encourage you to reach out to them, as they will be able to help you prepare an application most efficiently.
Our dedicated Commercial Lending team is working diligently to ensure that applications are processed and submitted to the SBA as quickly as possible. First Citizens’ ability to process PPP loan requests will be impacted by volume and by the SBA’s ability to accept and digest applications. We kindly ask that if you have submitted a request, to please be patient. We will contact you when your request is being reviewed, though given the current high demand, we cannot commit to an exact timeframe.
We appreciate your patience and understanding. The relationship with all of our business member is deeply important to us and we are proud to do all that we can to help you, your employees, and our community during this most difficult time.
For more information or details about this and other Small Business Administration funding options visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options