Thank you for choosing Texas Trust Credit Union for the Paycheck Protection Program (PPP). To apply for forgiveness use the link Texas Trust Credit Union. Please email SBA@TexasTrustCU.org to request additional information or support.
When do I need to apply?
Please wait until the end of your covered period to apply for forgiveness. The covered period is the amount of time used to distribute the funds.
It will start with your distribution date/date the funds were deposited into your account and end with a date between 8 and 24 weeks. Again with the time used to distribute the funds for payroll or additional bills.
For example if you received funds April 1 then you would want to wait at least until July 15th to apply for forgiveness.
- What applications should I choose?
- 3508s – Anyone who has a funded amount of $150K or less will choose the 3508s.
- 3508EZ – for anyone over $150K
- Who answered Yes to both of the following questions:
- Did you reduce your FTE headcount from January 1, 2020 by more than 25%?
- (AND) Were you unable to operate at the same capacity because of COVID 19 related health guidelines?
- 3508 – For anyone over $150K
- Who answered Yes to:
- Did you reduce your FTE headcount from Janaury1, 2020 by more than 25%?
- Answered No to:
- Were you unable to operate at the same capacity because of COVID 19 related health guidelines?
- Please choose the middle option to log on; Use your SBA account number and a One Time Permission (OTP) code to log in.
- You will receive a six digit OTP via email to enter the portal.
- It is important that you select either First Draw or Second Draw on your application. If this is the second PPP funding you have received you would choose Second Draw.
- If this is your Second Draw be sure to use the SBA# that corresponds with your 2021 PPP funds.
- It is important to use the same good email for forgiveness that you used in your application. This becomes our communication email and if there are two different emails this could slow down the process. If you believe there is an issue with your original email please let us know by emailing SBA@TexasTrustCU.org.
- Your covered period should start with your distribution date or stated differently, the date funds were deposited into your Texas Trust account.
- You must show at least 60% of your funds going to payroll if you plan to include other allowable expenses in your application.
- Once you complete and submit your application you will want to look out for an email for the DocuSign (DS) portion. This will come from DocuSign, not Texas Trust. This is where you will certify your request. Please check your junk mail also.
- The DS email will come to the email you used on your original request for funds. If this needs to be changed, please email us and let us do that for you.
- This is a mostly automated process required by SBA. Requests run in batches and are running with many others in the country so please be patient.
- We will contact you if we need additional information, supporting documents and when SBA makes their decision.
- *All 3508s applicants can use the following link to open, fill out and save a 3508s Supporting Docs Payroll form. This form can be used as your supporting docs in the Supporting Documents portion of the application. It is only for those who received $150,000 or less in funds.
What is the process for filling out the application?
What documents do I need to have available?
The list below is not comprehensive but gives you a good idea of what to have on hand. To see a complete list of documents that need to be retained for potential use by SBA you will want to open the link for a paper application that corresponds to your application type. These documents are important to have on hand if SBA requests them.
- For all applicants:
- A bank statement showing the original PPP deposit.
- A bank statement that covers February 15, 2021 to show that you were in business at that time.
- Any payment receipts, cancelled checks, or account statement documenting the amount of any employer contributions to employee group health, life, disability, vision or dental insurance or retirement plans that the Borrower included in the Requested Loan Forgiveness Amount.
- Your 2020 income tax.
- For employers who have employees with payroll (not 1099):
- A report from your payroll service or internal payroll program showing payroll for the covered period.
- Your 941 for 2021 to include information about unemployment tax paid.
- Documents for paying additional allowable expenses include:
- Bill for that expense
- Proof of payment. (Can be shown on a bank statement)
Any and all questions can be answered by emailing SBA@TexasTrustCU.org