Paycheck Protection Program

As you may have heard, as part of the stimulus package offered by the federal government in response to the coronavirus outbreak, a Paycheck Protection Program (PPP) was created to help small business owners meet payroll and avoid layoffs.

If you own a small business, you may be eligible to participate in the PPP. If you adhere to the program requirements the loan may be forgiven. Check out these FAQs for more information.

(Note: USF FCU can only process PPP loans for small businesses in the state of Florida.)

If you are interested in participating in the PPP, complete these two simple steps:

1. Complete this application.

2. Upload the required documents into your application or send via secured mail.

REQUIRED TAX DOCUMENTS

2019 IRS Quarterly 941 – Employer’s Quarterly Federal Tax Return for each quarter in 2019;
OR
2019 State Tax Filing Records;
OR
2019 Federal Tax Return;
OR
1099-MISC (if the applicant is an Independent Contractor);
OR
IRS Form 1040 Schedule C (if the applicant is a sole proprietor)

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REQUIRED PAYROLL DOCUMENTS

Payroll ledgers or summary reflecting each employee’s compensation for 2019.

Additional documentation may be provided to support:

  • Vacation Pay
  • Group health insurance
  • Retirement benefits
  • Other amounts the applicant has included

Payroll ledgers or summaries reflecting each employee’s compensation for February 2020.

Additionally, the applicant should indicate employees on payroll and the applicant paid salaries and payroll taxes on or around February 15, 2020.

Self-Employed Individuals and Independent Contractors

Due to the recent opening of the application window and the requirements to process PPP loans for independent contractors and self-employed individuals, we ask for your patience as processing times may take longer than expected. A loan officer will be in touch with you as soon as possible. We have very limited capacity to respond to inbound requests regarding loan status.

Thank you

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