Coronavirus Paycheck Protection Program

Paycheck Protection Program (PPP) Second Round

McCoy is now accepting applications for the second round for PPP Loans, instructions and link to online applications. 

PPP Loan Forgiveness Application Portal is after PPP Second Round information/application - scroll down to access the Forgiveness Portal. 

Second Round PPP Loan Application & Instructions


Please Read Before Applying
What will my business need to apply?

In general, you can expedite your application review by filing your 2019 taxes before you apply and having those forms available to upload in the application. If these forms aren't prepared yet, you will want to have payroll reports from your payroll provider ready to upload.

Your business will need the following to apply, as required by the SBA. For the most up to date details about these requirements, you can visit the SBA's website.

Verification Requirements

Here's what you will need to verify:

  • Your average monthly payroll costs
  • That you had employees on or before February 15, 2020.
  • That your business was operational on or before February 15, 2020.
  • Your personal and business information

IMPORTANT! The numbers you enter into the application must exactly match your supporting documentation. Overestimating values when filling out the application will only slow down the review process and may result in a decline of your loan request.

For Employers

Because PPP loans are intended to help you continue making payroll, the loan size is based on your average monthly payroll costs.

To determine your average monthly payroll:

  • Most employers should take your annual payroll costs and divide them by 12. "Annual" here can mean either 2019 or the last 12 months.
  • Seasonal employers may determine average monthly payroll using the 12-week time period starting from February 15, 2019 or March 1, 2019.
  • New employers not in business from February 15 - June 30, 2019, may determine average monthly payroll using the time period January 1 - February 29, 2020.
  • All employers should exclude gross pay over $100,000 on an annualized basis for each employee. Employers should also exclude compensation of an employee whose principal residence is outside of the US.

Annual payroll costs include the following kinds of payments made to W-2 employees:

  • Gross Pay (e.g., salary, wages, paid leave, sick pay)
  • Employer-Paid State and Local Taxes (e.g., state unemployment tax)
  • Healthcare Benefits
  • Retirement Benefits

In the event we ask you to upload documents to verify your information, here's what you can provide.

Payroll Verification:

Tax forms, which verify your gross pay. Uploading any of these will expedite your application review.

Reports from your payroll provider.

  • Many providers have created specific reports for this loan application, called either "CARES Act" or "SBA PPP" monthly payroll cost reports. Check to see if your provider has one. This specific kind of report is faster to review than more generic reports with gross earnings for your employees. * For most sellers, we can use reports from either 2019 or the last 12 months.
  • If you want to use the seasonal calculation for your loan, then get the data for 12 weeks after February 15, 2019 or March 1, 2019.
  • If you were a new business in 2020, then get the data for January 1 - February 29, 2020. * If you have employees and you are a sole proprietor, independent contractor, or self-employed individual, in addition to one of the above, you must also provide a 2019 Form 1040, Schedule C listing your business income and expenses.

If you need to upload documents to verify your status as an employer in February 2020, you can use:

  • Reports from your payroll provider that include Feb 2020.
  • Paystubs from Feb 2020

If you need to upload documents to verify your business was operational in February 2020, you can use:

  • Utility bill, lease, bank account statement, or payroll processor statement with your business name from February 2020

For Non-Employers (including Sole Proprietors, Independent Contractors, Self-Employed Individuals)

For sole proprietorships without employees, independent contractors, and self-employed individuals, business net profit up to $100,000 on an annualized basis can be counted as payroll costs. We'll ask you to upload your 2019 Form 1040, Schedule C and a U.S. government issued I.D., so please have them handy when you apply. If you haven't filed your 2019 Form 1040, Schedule C yet, don't worry. We just need it filled out.

If you need to upload documents to verify your business was operational on February 15, 2020, you can use:

  • Utility bill, lease, bank account statement, or payroll processor statement with your business name from February 2020

All Businesses (Employers and Non-Employers)

All businesses will also be required to verify their personal and business information with the following documentation, if so requested:

Personal information

  • Social Security Card
  • Individual Taxpayer Identification number (ITIN)
  • Government issued I.D.

Business information

  • Your business's government issued SS-4 (EIN confirmation letter); or
  • Your most recent business tax returns confirming your business name and TIN; or
  • If you are a sole proprietor, your business name is the same as your first and last name and your TIN will be your Social Security number. Some sole proprietors may also register DBA (doing-business-as) names. If you have a DBA, you will be asked to provide it in the application. Find out your business entity type by taking a look at your tax returns.

PPP Forgiveness Instructions & Portal

To complete your applications for Forgiveness, you will need the loan documents that were signed when closing on your Paycheck Protection Program (PPP) loan. The streamlined process will automatically determine if your business qualifies for the 3508 or the 3508EZ form. Information needed to process your request include the items below.
(Certain information is available to you on the promissory note):

• Tax Identification Number
• Loan Disbursement Date
• Lender Loan Number
• SBA Loan Number
• Payroll Documentation identifying:
  - Cash Compensation
  - Non-Cash Compensation
  - Compensation to Owners
• Other qualifying payment documentation:
  - Mortgage Interest Payments
  - Business Rent or Lease Payments
  - Business Utility Payments
• PPP Borrower Demographic Information Form (if desired)

Please note, when enrolling in the online portal, once you have signed up, you will receive an email to verify your email address. The email will direct you to complete your form. You may close page and sign back into the portal at any time, on another device.

You may CLICK HERE to begin

Borrowers Forgiveness Checklist

Portal Platform Preview

One of the goals for McCoy Federal Credit Union, is to help you and your business navigate these uncertain times faced by our nation. We understand the strain this has placed on you and your business and are doing all we can to help. We continue to monitor the status of the Paycheck Protection Program (PPP), as well as the Loan Forgiveness Application, and receive regular updates from the SBA regarding any changes.

On Tuesday, September 15, when we commence accepting Loan Forgiveness Applications, you may visit the McCoy FCU website up-to-date information. Be reassured, the 8-week period to use the funds and request forgiveness for the PPP has been extended to 24 weeks. It is important that you have documented the use of the funds from the approved PPP Loan and store the records in the event your file is selected for review.

We continue to work diligently to process member applications and supply the required documentation to the SBA platform. We will notify you immediately to provide updates and information supplied by the SBA. Once all documentation is received, reviewed, and processed for a loan forgiveness decision, you will be notified of the results.

We wish you good health. Stay safe.

Best Regards,

Business Services Team
McCoy Federal Credit Union