WATERTOWN, NY – Northern Credit Union is proud to be an authorized lender for the Small Business Association’s Paycheck Protection Program and seeks to assist small businesses in accessing funding before funds are exhausted.
Last week, the government released an additional $320 billion to fund the program, which provides small businesses money to pay up to eight weeks of payroll costs and other expenses. Businesses with 500 or fewer employees are eligible, including nonprofits, veteran organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Recipients may use funds to cover payroll costs, mortgage interest, rent, and utilities.
The program provides funds in the form of loans that may be forgiven when recipients use at least 75% of the loan for payroll costs within eight weeks. Loan payments will also be deferred for six months.
Northern’s direct portal to the Small Business Association’s application offers streamlined access to help ensure efficiency through each step of the application process. Northern encourages businesses interested in applying for funds through this program to start the application at www.mynorthern.com/ppp
In addition to the application, the following documents are required to apply: a voided check for the business account to be funded; the face page of the most recent tax return; IRS Form 941 or 944; 2019 IRS Form 1096; W2/1099 Forms; 1120 Forms; Schedule K-1 Forms; 1040 Schedule C and Schedule F, based on business type; the driver’s license or government-issued photo ID of the person signing the application; and a copy of the operating agreement for your LLC or bylaws for your corporation.
For the detailed list of documents needed and to start a Paycheck Protection Program application today, visit www.mynorthern.com/ppp, or call or 315.782.0155 with questions.
Northern Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to anyone who lives, works, worships or regularly conducts business in Jefferson, Lewis, St. Lawrence, Oswego, Clinton, Franklin, Onondaga and Madison Counties. Serving the financial needs of more than 34,000 members through world-class technology systems, Northern Credit Union strives to create mutual value by providing personalized service and banking solutions. Federally insured by NCUA.