Paycheck Protection Program Loan Guidance
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Note to Previous PPP Loan Recipients - All loans from your previously received Valley Strong PPP loan will populate in the new application portal. You do not need to know your previous loan number.
For first-draw loan applicants, additional payroll cost support documents in pdf format will also be required as follows:
The SBA ruling explains that generally, the same documentation as required for First Draw PPP loans is required to substantiate a Second Draw applicant's payroll cost calculations. However, if the applicant uses the same lender and uses calendar year 2019 figures to determine both its First-Draw and Second-Draw PPP loans, then no additional documentation is required. However, the Valley Strong may independently request additional documentation if we conclude that the documentation would be useful in conducting the good-faith review of the borrower's loan amount calculation. For loans with a principal amount of $150,000 or more, the applicant must also submit documentation adequate to establish that the applicant experienced a revenue reduction of 25% or more in 2020 relative to 2019. For loans with a principal amount of $150,000 or less, documentation is not required at the time of application and can be provided with the forgiveness application.
Supporting documents will be as follows:
Revenue reduction supporting documentation may include:
Support of the following:
For independent contractors and self-employed individuals:
Support of the payroll costs from the following:
2019 or 2020 Schedule C Form 1040
2019 or 2020 Form 1099's
To gather needed information before beginning the application, please view the following PDF sample applications:
We have partnered with an experienced SBA loan service provider that is assisting us to create a smooth process that will expedite loan approvals.
Your patience and understanding is appreciated as we work through developing a smooth process that is changing daily. At Valley Strong Credit Union, our goal is to work together with you to navigate these unchartered waters.
Restaurant and hospitality industries with a NAICS code beginning with 72: 3.5x the average monthly payroll costs or $10 million for first-time loans/$2 million for second-time loans, whichever is less.
For all other eligible small business types: 2.5x the average monthly payroll costs or $10 million for first-time loans/$2 million for second-time loans, whichever is less.
There is a portion of the CARES Act that has “Loan Forgiveness.” These “eligible costs” include payroll costs, rent, and mortgage interest payment, utilities (electricity, gas, water, transportation, and telephone or internet access). Please know, correct documentation of your eligible cost are necessary to receive any loan forgiveness. Valley Strong will provide borrowers a link to apply for loan forgiveness through our online platform. Borrowers may apply for loan forgiveness after the covered period and when funds have been fully utilized. For additional assistance, please contact our Business Department at (661) 833-7530.
Our team is ready to assist you with the loan process to help your business apply for relief funds.
To learn more about choosing the right program for your business, and the most current update to date program information, visit the Small Business Administration’s website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options .