Updated: April 29, 2020  9:00 AM              

 

                                       Paycheck Protection Program (PPP)                                                                   

Rockland Federal Credit Union is an approved Small Business Administration (SBA) lender and is now accepting applications from our existing business members for the Payment Protection Program. Please contact your local RFCU Branch Manager by calling (800) 562-7328, or email webmail@rfcu.com if you are interested in applying.

If your current banking relationship is with another institution, we recommend you contact them to assist you in preparing for the application process.

Existing members should gather the information outlined on our required documentation checklist below to submit with your application. This list represents the items RFCU is requiring at this time based on current SBA guidance.  As additional SBA guidance is provided, we will continue to update this page. Please note, acceptance of an application does not represent a guarantee of funding.

Once you have submitted an application:

• We will contact you via email if additional information is required.

• We will follow-up with you once the application package is complete to confirm your application or approval status.

• If you’ve been approved, we will contact you shortly regarding the closing process.

 

 SBA Loan Application

Required Document Check List for Self-Employed Members 

Eligibility (Must meet all 4):

• Current Member of Rockland Federal Credit Union

• You were in operation on February 15, 2020

• You are Self-Employed (Such as, a Sole Proprietor or Independent Contractor)

• You have filed or will file an IRS Form 1040 Schedule C in 2019

A complete application package includes the following:

• SBA PPP Borrower Application –SBA Form 2483(04/20) Completed and signed. (Link: SBA Application)

2019 IRS Schedule C (If not yet filed, you must fill out and provide a Schedule C to compute their Line 31 Net Profit.)

Evidence you were Self-Employed in 2019

ANY ONE OF THE FOLLOWING

   • A 2019 1099-MISC you received with a value in Box 7 (Non-Employment Compensation)

   • An Invoice from 2019

   • A Bank Statement from 2019

Evidence you were in operations on or around February 15, 2020

  ANY ONE OF THE FOLLOWING 

    • An Invoice from January or February 2020

    • A Bank Statement from January or February 2020

IF Business Has Employees 

• All  four 2019 Quarterly 941 Filing

• State Quarterly Wage Unemployment Insurance Forms for all four Quarters in 2019, or equivalent payroll processor records

• A Payroll Statement from a Pay Period that includes February 15, 2020

IF Claiming Retirement and Health in Payroll Costs

• Evidence of the 2019 Retirement and/or Health Costs for Your Employees (Cannot claim owner retirement or health costs)o Evidence of the 2019 Retirement and/or Health Costs for Your Employees (Cannot claim owner retirement or health costs)    

         

SBA Loan Application

 Required Document Checklist                     

A complete application package includes the following:  

• SBA PPP Borrower Application –SBA Form 2483(04/20) Completed and signed.

• Your Average Monthly Payroll Cost Calculation – Ask if your payroll provider has a created a 12 Month PPP Loan Payroll Cost Report or ask us to email you a  spreadsheet to Calculate Monthly Payroll & Number of Jobs

• Your Business’s NAICS Industry Code

• A Copy of your Articles of Incorporation, If not Incorporated provide the date your business was established.

Certification of Beneficial Owners Form

• 2019 IRS Quarterly Payroll Tax Return 940, 941 or 944 Three Quarters -  2nd, 3rd  & 4th 

• 2020  IRS Quarterly Payroll Tax Return for 1st Quarter or Payroll Journal for first quarter 

• If you have employees earning more than $100,000 annually, a Payroll Report or Spreadsheet identifying how you calculated the Payroll Cost in excess of $100,000 

• Documentation used to calculate your Average Monthly Number of Job for the past 12 months

• Documentation of Health Care Cost for 12 months from April 2019 to March 2020

• Documentation of Retirement Plan Funding for 12  months from April 2019 to March 2020

For more information, visit the U.S. Small Business Administration’s Paycheck Protection Program (PPP) page here.