Paycheck Protection Program

1st Community Federal Credit Union is proud to offer financial services to our Small Businesses in our communities and support for them during these difficult times.

In anticipation of Congress approving additional funds for the Small Business Administration’s Paycheck Protection Program (PPP), the credit union is accepting and processing applications for its members based on the Application Processing Terms.

Application Processing Terms:
Current Members of 1st Community Federal Credit Union:
• The online application only takes 10-15 minutes to complete
• Complete applications submitted through our website are dated and time stamped. Completed applications will be worked on a first come first served basis.
• Monitor your email. We will use email to communicate with you regarding your application’s status and to request any additional information that may be necessary to verify your application.
• If your application is incomplete, processing your application will be delayed. We will send you an email requesting additional information or documents to be uploaded through our secure document portal. We will resume processing your application when the documents are received.
• Our receipt of your application does not guarantee you will receive a PPP loan as these loans are subject to our processing capacity, SBA’s approval and SBA’s funding limitations.
• We will strive to process as many applications as possible.
• We may refuse to process any application we reasonably believe is inaccurate or could be fraudulent.

• If you are not a member of 1st Community Federal Credit Union, you must become a member in accordance with our charter for us to process and submit a PPP on your behalf.
• Contact us at with the subject line “Membership” with your name, business name and phone number and we will contact you to open your account. Please begin gathering your relevant documentation to speed the opening of your business account.
• We will accept your application, but not fully not process it unless you are a member of the credit union.
• Once you are a member, your application will be subject to and processed in accordance with our current member application process.

Loan Forgiveness:
• At the end of the 8 week period, members will be able to apply for loan forgiveness through the 1st Community Federal Credit Union portal
• Loan forgiveness is at the sole discretion of the SBA and is not guaranteed.
• The SBA has yet to issue guidance on documentation that will be required to apply for loan forgiveness. The Credit Union will post additional information on our website as it is received
• The Credit Union will assist our members in applying for loan forgiveness, but application for forgiveness and all supporting documentation is the sole responsibility of the member.
• Any residual loan amounts not forgiven must be repaid according to the term of the member’s loan documents.

Q: My business does not pay its employees or file an IRS Form 941 quarterly to report employee wages, what documentation do I need?
A: Self Employed and Independent Contractors (1099 Employees): You will need to provide us your 2019 Schedule C even if you have not yet filed the 2019 tax return. This is a requirement of the SBA. You will enter your net income from line 31 of Schedule C in the Sole Proprietor box on the application. In addition to other requested documentation, please upload your 2019 Schedule C attached during the document up load process. You will also need to upload a Form 1099-MISC showing income received in 2019 or some other record such as an invoice to document you were in business in 2019. A similar record is needed to verify you were in business on or around 2/15/2020.

Q: I am a sole proprietor with employees, but I do not pay myself a salary. What do I provide?
A: You will need to upload all quarterly 941 filings for 2019 documenting wages paid. You will also need to provide the 2019 Schedule C and other documentation outlined in the question above to cover owner compensation.

Q: I have not filed my 2019 Tax Return and Schedule C, what should I do?
A: Complete Schedule C as you would if you were filing your tax return. Your Schedule C must be substantially completed as it will be filed with your 2019 Tax Return. You may use this for your application. Please be sure to upload it when requested along with other requested documentation.

Q: The application process asks me to upload certain documents that are not applicable to me.
A: The portal is configured to request documents for all types of businesses. Please upload only documents identified above for your type of business. In addition, you will need to upload a copy of your driver’s license.

Q: If I have other documents that I wish to upload how can I do that?
A: Scroll to the bottom of the page when you are uploading your required documents and you should see a placeholder for Supplemental Documents to be uploaded.