Voyage is still here to help you in any way we can with small business Paycheck Protection Program (PPP) loans. The Small Business Administration (SBA) has opened forgiveness and we will begin submitting these applications in the coming weeks.
Most businesses will be using the new EZ application to apply. If you have already submitted your application, there is no action necessary at this time.
What are my next steps after completing the PPP application?
Once the application is complete, you should gather supporting documentation showing how the funds are used. Here are some examples of what may be needed:
- 2019 tax return (for sole proprietors)
- Copies of checks
- Form 941
- Copies of utility bills
- Mortgage Statements
- Copies of rent checks with lease agreements
Please refer questions about which you should use, how to fill them out, and what documentation may be needed to your accountant. We are requesting that Sole Proprietors or self-employed individuals provide both their 2019 Schedule C and copies of checks. If your PPP control account was with Voyage, we can help with the collection of check copies.
Please do not submit anything to us until you have the app filled out and provided ALL supporting documentation attached. We will not be accepting partial information. You may drop off at any Voyage location or email sba@voyagefcu.org.
What does the extended forgiveness period mean?
As previously communicated, the SBA has extended the forgiveness period from 8 weeks to 24 weeks to help more businesses reach 100% usage. Our local SBA office advised that if your business took more than 8 weeks to use the funds, that you attach an addendum to your forgiveness application detailing how many weeks it took. You may fill in the appropriate information on the addendum template if you took more than 8 weeks to use the funds.
How long could it take to be approved?
Voyage will be reviewing applications as we receive them and will notify you if we feel additional information may be needed. Voyage has up to 60 days to decide on forgiveness and pass it on to the SBA. After that, the SBA may take up to 90 days before issuing forgiveness payments.
Thank you for choosing Voyage to help with your Paycheck Protection Program loan. We are happy to serve you during these difficult times.
Please contact our PPP team with any questions you may have.
John Schlimgen
PPP Lending Support
605.977.5743
Lance Junso
Mortgage/Business Services Officer
NMLS #1575119
605.977.5722
Erin Sietsema
Mortgage/Business Services Officer
NMLS #1979384
605.977.5735
