Second PPP Loan (First From Other Institution)
1. Does your church qualify? Download our loan calculator to find out.
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.
How do we apply for the Second Draw PPP Loan?
Utilize the link on our website to create a login and password to utilize the online application and documentation process.
Do you have to show that you have used all the funds from the first loan?
No proof is required, but all those funds must be used before you receive the second draw.
Does the first loan have to be forgiven before you apply for the second draw?
Since the loan amount allowed is still 2.5 times average payroll, what documentation for payroll is required to apply for the second draw?
Since the first loan was not thru TUMCU, please upload the same payroll documentation that you supplied the other financial institution. You may also upload payroll reports from 2020 if you prefer to calculate based on those amounts.
Where do I find my SBA loan Number?
The promissory note for the first loan or other documentation from the original financial institution should contain this ten digit number from the SBA.
What additional information is required to be sent to the Credit Union or uploaded to the Loanstreet website to apply for the second draw?
Documentation showing a 25% reduction of gross revenue in any quarter during 2020 compared to the same quarter in 2019. Copies of Financials or a simple spreadsheet showing each month or quarter. Annual reports can also be used if those are available.
How do I calculate the 25% reduction in revenue?
You can use this Excel Calculator to determine your eligibility. You can also save this file with your church or organizational name and submit it to us for your PPP loan file here.
Do we include the funds received from PPP 1st round as part of the gross receipts?