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SBA Paycheck
Protection Program

Apply for loan forgiveness today PPP Forgiveness Details

Forgiveness on an Existing Loan

If you have an SBA PPP Loan through Wheelhouse, you may begin your forgiveness application through the Wheelhouse Forgiveness Portal.

For forgiveness requirements and details on the process, please visit WheelhouseCU.com/ppp-forgiveness.

LOAN ELIGIBILITY

According to the U.S. Small Business Administration (SBA), small businesses that meet the small business requirements below may be eligible for a PPP loan in the second round:

First Draw Loan Applicant Qualifications

If you have not previously received a PPP loan, you are considered a first draw loan applicant. You are eligible if you meet ONE of the qualifications below:

  1. Are a business with 500 or fewer employees whose principal place of residence is in the United States, or if you are a business that meets the SBA’s size standards by industry or any other SBA alternative standard.
  2. Are a non-profit that qualifies as one of the following and meets the SBA size requirement:
    • A 501(c)(19) veterans organization
    • A Tribal business (sec. 31(b)(2)(C) of the Small Business Act)
    • A business with a NAICS Code that begins with 72 (must have two or more physical locations; size requirement is per location)
  3. Are an individual who operates under a sole proprietorship, as an independent contractor, or as a self-employed person who regularly carries on any trade or business, provided you were in operation on February 15, 2020.

For additional details, please visit the SBA’s website.

Second Draw Loan Applicant Qualifications

If you have previously received a PPP loan, you are considered a second draw loan applicant. You are eligible if you meet ALL of the qualifications below:

  1. Previously received a First Draw PPP Loan and will or has used the full amount only for authorized use.
  2. Has no more than 300 employees; and
  3. Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

For additional details, please visit the SBA’s website.

Do You Have Questions?

Please check the FAQs at the bottom of this page.

If you have additional questions, you may submit them via our online PPP Question Form and a representative will reply as soon as possible.

Thank you.

Paycheck Protection Program Forgiveness Overview

The loan is designed to support small businesses adversely impacted during the COVID‑19 Emergency Declaration, and to support their efforts in keeping employees on their payroll. Loans guaranteed by the SBA under the PPP may qualify for loan forgiveness.

The following are requirements, outlined by the SBA, that must be met to qualify for loan forgiveness:

  • All employees remain on payroll for eight (8) weeks
  • 60 percent of funds are used for payroll costs
  • Any remaining funds are used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations
  • Borrowers with existing loans must have utilized the full amount of their initial loan on or before the expected disbursement date of the second PPP loan
SBA PPP Logo

Who is Not Eligible

Anyone who is engaged in any activity that is illegal under federal, state, or local law.

If you are a household employer (individuals who employ household employees such as nannies or housekeepers), you are not eligible.

An owner of 20 percent or more of the equity of the applicant is incarcerated, on probation, on parole; presently subject to any indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or has been convicted of a felony within the last five years.

You, or any business owned or controlled by you or any of your owners, has ever obtained a direct or guaranteed loan from the SBA or any other Federal agency that is currently delinquent or has defaulted within the last seven years and caused a loss to the government.

What You Need to Apply for a Second Round PPP Loan

In order to get your application submitted as seamlessly and quickly as possible, please be ready with the following documentation:

  1. Details about your business including business name, complete address, applicants name, telephone and email address
  2. Average monthly payroll documentation
  3. Details of full-time employees and payroll costs
  4. 2019 Tax Forms (all four quarters of 2019 and Q1 2020 if available)
    • Form 941, 944, 1099s, Payroll processor records
  5. Proof of mortgage or rent, mortgage interest, utility expenses
  6. Articles of Incorporation
  7. Verification of all owners of over 20%
    • Copies of valid IDs for all of these owners
    • Email addresses for all of these owners
  8. Proof of active and good standing status of business
  9. A complete SBA PPP Application Form
  10. NEW FOR SECOND DRAW APPLICANTS: Proof of a minimum 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Note: You do not need to have a previously established Wheelhouse Credit Union membership to apply through our Credit Union.

For details and application forms to get you started, please visit the SBA’s website here.

Additional SBA Resources

Economic Injury Disaster Loan Emergency Advance
Provides up to $10,000 of relief

SBA Express Bridge Loans
Provides access to up to $25,000 (must already have a business relationship with an SBA Express Lender)

SBA Debt Relief
Financial reprieve options for small businesses

FAQs

If you have a PPP Loan through Wheelhouse Credit Union, you must submit your forgiveness application through our Forgiveness Portal. You may access the portal and find more details on applying for forgiveness at WheelhouseCU.com/ppp-forgiveness.

PPP stands for Paycheck Protection Program which was created to provide small businesses with funding to cover authorized expenses during COVID-19.

Yes, funds can also be used to pay interest on mortgages, rent, and utilities; as well as worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Yes, full or partial forgiveness can be given if the borrower uses the funds for eligible expenses.

  • Payroll costs including benefits
  • Mortgage interest, rent, utilities
  • Worker protection costs related to COVID-19
  • Uninsured property damage costs caused by looting or vandalism during 2020
  • Certain supplier costs and expenses for operation

For all PPP loans (first draw or second draw) the borrower must use at least 60% of the funds on payroll costs.

As of 5/5, the Small Business Administration (SBA) informed trade associations that funding has been exhausted and that the PPP application is no longer accepting Paycheck Protection Program applications.

Loans will be granted on a first-come, first-serve basis.

Wheelhouse will send a recommendation to the SBA for their final approval as soon as possible.

We will send you an automatic email that your application has been received.

We will call you and/or send you an email.

As of 5/5, the Small Business Administration (SBA) informed trade associations that funding has been exhausted and that the PPP application is no longer accepting Paycheck Protection Program applications.

You may access the recent FAQs, published by the SBA, here. You may also visit sba.gov/ppp for additional information.

If you have any questions, please submit them through our PPP Question Form and we will respond accordingly.

Disclosures

A previously established membership is not required. However, if one does not already exist, applicants will need to establish a new membership to apply and receive funds through Wheelhouse Credit Union. Businesses located (have a business address) in San Diego County are eligible.
All information has been gathered from the SBA website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-0. For additional information please visit their website.

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