First PPP Loan
Frequently Asked Questions
Do we need to have an account with The United Methodist Credit Union to apply?
Yes – membership is required before we can disperse the funds. You may complete this step after approval if you prefer. There is no fee to open an account at the Credit Union, but there are documents to complete and copies of driver’s licenses to submit.
How do we apply for a PPP loan?
Click the link on our website to create a login and password to utilize the online application and documentation process.
Since the loan amount allowed is 2.5 times average payroll, what documentation for payroll is required to apply?
You may upload payroll reports from 2019 or 2020. If you utilize a payroll processor, they should be able to generate a report. If you process payroll manually, you may provide bank statements or cancelled checks. You may also provide conference annual reports to show the cost of payroll and benefits and/or quarterly 941 or annual W3 tax reports.
You will need to know the NAICS code which is 813110 for Religious Organizations.
Follow the instructions provided in the Step-by-Step guide on the LoanStreet website for details on the PPP process. Be sure to click the “submit application for review” button. Credit Union staff will contact you throughout the process once the submission has begun.