CARES Act/PPP Loan Details
Included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the Paycheck Protection Program (PPP), which consists of loans administered by the Small Business Administration (SBA), which may qualify for loan forgiveness.
This program has a funding cap. Additional funding was added to replenish the PPP Fund on April 24. Hoosier Hills Credit Union cannot guarantee all requests will be funded due to high demand and the ability of the Small Business Administration to process all of the requests. We’re proud to have helped more than 150 businesses to date and will continue doing all we can to assist.
Find the appropriate PPP Loan requirements and Forgiveness Calculators in either the Small Businesses/Sole Proprietorships or Self-Employed/Contractor sections below.
Small Businesses and Sole Proprietorships
See the checklist below for information and documents required with your application. Contact your commercial loan officer at 800.865.2612 for assistance and to submit the application.
Self-Employed Individuals and Independent Contractors
Documentation needed for self-employed individuals and Independent Contractors includes:
*PPP Borrower Application
*Copy of front and back of borrower’s driver’s license
*Copy of 2019 Schedule C from tax return (If unavailable, substitute a detailed Profit & Loss Statement for 2019. If depreciation is not included then it will be assumed to be the same as in the prior year.)
Loan eligibility is Net Income for the year divided by 12 to determine Average Monthly Profit and then multiplied by 2.5. Note that earnings are capped at $100,000 annually for loan amount eligibility. Applicants showing a Net Loss for 2019 are not eligible for the PPP Loan.
Contact your commercial loan officer at 800.865.2612 for assistance and to submit the application.
These forms are subject to updates and changes by the SBA as the process evolves. For more information on assistance programs available through the SBA, visit sba.gov.