• Welcome to Tech CU’s PPP 2nd Draw Application Page!

    (If you are looking for Forgiveness information, click HERE.)

    Tech CU announces it will end accepting 2nd Draw PPP loan applications by close of business on Wednesday, Mar. 17, 2021.

    We look forward to helping you again with a Paycheck Protection Program (PPP) loan. This page includes all the necessary forms and instructions for you to complete your PPP 2nd Draw Application. Once completed, you can upload the application and all supporting information to our PPP Application Portal.

    IMPORTANT!

    1. We are offering 2nd Draw PPP loans only to those borrowers who obtained their original PPP Loan from Tech CU.
    2. We are not at this time offering 1st draw loans.
    3. To be eligible for a 2nd Draw PPP Loan, you must:
      1. be able to evidence a 25% decrease in revenues in 2020 vs 2019 (for the year or for any given quarter),
      2. not have more than 300 employees,
      3. confirm that all funds from your first PPP loan were used for forgivable expenses and they have been or will be 100% forgiven.

    Update:

    Exclusivity Period for Applications from Borrowers with Fewer Than 20 Employees
    Wed., Feb. 24th 9:00 am through Tues., Mar. 9th, 2021

    • SBA will only accept applications from borrowers with fewer than 20 employees.
    • All applications already submitted by lenders to SBA before the start of the exclusivity period will still be processed.
    • During the exclusivity period, SBA will reject any new applications that have 20 or more employees.
    • Counting employees: Each employee counts as one, regardless of whether full-time, part-time, or seasonal.

    To Apply:

    1. Download and complete the PPP 2nd Draw Application Form (HERE)Opens a new window.
      1. Please be sure to complete EVERY FIELD on the application.
      2. Your SBA loan number can be found on the original Promissory Note for your original PPP loan.
      3. If your business is a FRANCHISE, please click on SBA Franchise Directory to determine if your franchise is listed (question # 8).Opens a new window
      4. Please be sure all questions are answered, including initials on # 4 and # 5, and initial all representations on Pages 2 and 3.
      5. Please be sure to read all instructions and disclosures, and if you desire, provide the voluntary information on Page 6.
      6. Remember: The signer of the application will be the signer on the loan documents. The email address reflected on the application is the email address we will use via DocuSign for the loan documents, should the PPP 2nd Draw Loan be approved.
    2. Download and complete the PPP 2nd Draw Loan Amount Calculator Worksheet (Here)Opens a new window. Most borrowers will use the same payroll information from 2019 that was used for the first PPP loan. If that is your desire, you do not need to submit any additional payroll information. If you choose to use information from 2020, you will need to submit all necessary 2020 payroll records for the loan determination. The 2nd tab on the Loan Calculator Worksheet includes a checklist of this information.
    3. At the bottom of the loan calculator, please be sure to include your Bank information for the disbursement of the loan proceeds.
    4. Prepare your documentation to demonstrate the 25%+ reduction in revenues – 2019 and 2020 tax filings, if available, or Profit and Loss Statements are acceptable.
    5. If you are self-employed (Sched C / 1099) and do not have a separate accounting function for your business, you may provide bank statements demonstrating total deposits for the same quarter in 2019 and 2020.
    6. We are requiring the revenue information regardless of the loan size. SBA does not require it to be submitted to them for loans under $150,000 at application but they will require it for forgiveness – so to avoid any complications at the time of forgiveness we are requiring it now. NOTE: If you cannot demonstrate at least a 25% reduction in revenue, you are not eligible for a 2nd Draw PPP loan.
    7. Once you have the completed, signed, and initialed application, the completed Loan Amount Calculation Worksheet, and your revenue documentation, you may upload them through our PPP Portal HEREOpens a new window.

    If you have any questions or concerns, please reach out to us at ppphelp@techcu.com.

    If you would like to review the SBA’s Guidance directly click on SBA Policy Guidance (HERE)Opens a new window.

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(800) 553-0880

For new loan related inquiries, call

(877) 988-0471

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