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PPP Re-opening Update

Voyage is still here to help you during the pandemic. The SBA has announced the Paycheck Protection Program will re-open this week for new borrowers and certain existing PPP borrowers. Voyage has begun to submit PPP loan applications for both First and Second Draw Loans for our members. We will contact borrowers once the SBA has approved the loan which is expected to be 24-48 hours after we submit the applications. Please be patient as we work through another round of PPP funding.

First draw applicants will use form 2483 and second draw applications will use form 2483-SD. Please send fully completed applications to sba@voyagefcu.org.

Reminders for Second Draw PPP Loans

Borrowers must be able to demonstrate a 25% reduction in gross receipts between comparable quarters in 2019 & 2020. This documentation does not have to be submitted with the application for loans under $150,000, but borrowers will need to retain it for forgiveness. The SBA has not given any specific information as to what reports or forms are needed to demonstrate this.

  • If borrowers were only in operation during the 4th quarter of 2019, they can compare their 2019 4th quarter gross receipts to any quarter in 2020.
  • If borrowers were not in operation in 2019 but in operation prior to February 15, 2020, they can qualify by demonstrating a 25% reduction in gross receipts between 1st quarter and any quarter thereafter.

payment-protection-program

60% of funds must still be used for payroll only. Up to 40% of the loan proceeds can be used to cover the following: 

  • rent
  • interest on mortgage
  • utilities
  • business software 
  • cloud computing services that facilitate: 
    • business operations
    • product or service delivery
    • payroll processing costs
    • human resources
    • sales & billing functions
    • accounting expenses
    • property damage due to looting or vandalism

SBA has also released new forgiveness applications. Loans under $150,000 will use updated form 3508S and loans of more than $150,000 will use the updated 3508EZ.

Documentation will need to be submitted for the SBA to verify the use of the funds. Documentation requirements are as follows (if applicable):

  • Proof of Payroll- will include items such as 2019 tax returns, payroll summaries, copies of checks, and/or form 941.
  • Utility payments- the utility bill/statement and either a receipt, copy of check, or statement showing it was paid.
  • Rent- a copy of the lease agreement and a copy of the check or statement showing it was paid
  • Interest on Mortgage- A copy of the mortgage statement and a check copy or statement showing it was paid.

EIDL

  • EIDL Advances that we deducted from forgiven loans, leaving balances for certain borrowers, will be sent in the coming weeks.
  • EIDL loan applications will now be accepted until December 31, 2021

7(a) Loans

  • Borrowers will receive 3 months of principal and interest payments made by SBA Starting in February 2021
  • Borrowers in qualifying industries will receive an additional 5 months of payments towards their loan.

As a reminder, you can find the most current PPP information at www.sba.gov/ppp.

We thank you for your continued patience and for choosing Voyage to help with your Paycheck Protection Program loan forgiveness. Our PPP team is working diligently to serve our members in the most efficient and seamless way possible. 

Please contact our PPP team with any questions you may have.

Lance Junso

Mortgage/Business Services Officer

NMLS #1575119

LanceJ@VoyageFCU.org

605.977.5722

Erin Sietsema

Mortgage/Business Services Officer

NMLS #1979384

ErinS@VoyageFCU.org

605.977.5735

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