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Now more than ever our Business Services team is here to support youThere are a variety of programs and assistance being offered and we can help you navigate them as an approved SBA lender.
 
 
The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
 
The loan amounts will be forgiven as long as:
  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 24 week period after the loan is made; and
  • Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Loan payments will be deferred for 6 months.
 
We are only accepting applications from current MMFCU business members or non-profits to ensure we are able to serve them.
 
3 Steps to Apply:
  1. Save the PPP application to yoru computer before filling it out
  2. Resave after completion
  3. Upload the PPP application securely using the form below along with the required payroll documents
 
Small Business and SOle Proprietorship Application
 
PPP Frequently Asked Questions
 
SBA Guidance for Calculating Loan Amounts
 
How do I calculate monthly payroll amount:
Select the applicable time period.
  • For most companies, use (i) your last twelve months of payroll or (ii) your full year 2019 payroll. We recommend that you prepare both calculations and consult with your lender for guidance on the appropriate time frame due to conflicting views between the Treasury Department guidance and the sample PPP Loan instructions on this.
  • For seasonal businesses, use a 12 week period between February 15, 2019 and June 30, 2019*.
  • For new companies, use January 1, 2020 to February 29, 2020*.
  • Sole Proprietorship – Net Income from 2019 (line 31 on Schedule C) divided by 12 or an eight week period between February 15, 2019 and June 30, 2019 (divided by 2 to get monthly average)

What documents do I need to provide with application (Independent Contractors cannot be included in calculation):

The documents below will provide the information needed to verify payroll amounts.
  • 940 IRS Form
  • 941 IRS Form (4 of them to capture full 12 months)
  • W3 (S Corp)
  • Schedule C from 2019 (self-employed, independent contractor, sole proprietor)
 How do I know my PPP application is approved?
  • Mid Minnesota will send you an email with the SBA approval.
  • A few days after SBA approval notification email, the loan documents will follow.
Complete form and securely submit with ALL required documents:
  • Completed PPP application
  • Payroll documentation from previous year 
Submitting application without supporting documents will delay processing.
 
 
 
 
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