LGE's Paycheck Protection Program Application
To be considered for a PPP loan by LGE Community Credit Union, your company must meet the following requirements, in addition to the standard requirements of the PPP loan program:
1. The company must be located in, or one of the owners or officers resides in, Bartow, Cobb, Cherokee, Fulton, or Paulding County, Georgia.
2. (a) Have an existing business account with us, or (b) have one or more of your officers or owners be a member of LGE.
3. Be qualified for a PPP loan of at least $10,000 (e.g., average monthly Payroll of at least $4,000).
4. Not be seeking a PPP loan of more than $750,000.
Apply for your PPP Loan
If you are not a member of LGE, but want to apply for the PPP loan with us, complete both portions of the application below and a representative will contact you.
LGE's Paycheck Protection Program application has two forms (links below):
#1: LGE's Document Uploads & Information Form: In this form, you will find required loan information, a calculator to help you fill out the SBA Form 2483, and a place to upload your required documents. Note: there are two versions of this form, one for applicants with employees and the other for self-employed (e.g., sole proprietors and independent contractors).
#2: Federal Paycheck Protection Program Borrower Application Form: This is the SBA Form 2483 (04/20) for businesses with employees.
Application Instructions: Applicants with Employees
Before you start our application, please have the following on hand. You will be able to suspend filling out the forms and return later, if needed.
Note: Your business can choose to use Jan-Dec 2019 or April 2019-March 2020 for reporting. Even though you can choose your "Time Period," it will need to be consistent for all documents.
- Business tax ID (called the TIN or EIN)
- The payroll ledger either for the past 12 months or Jan-Dec 2019
- Federal 940 and 941 forms filed for 2019
- Employee benefits for the past 12 months or Jan-Dec 2019
- State taxes you paid on payroll (e.g., unemployment insurance, usually paid to the state Department of Labor) for the past 12 months or Jan-Dec 2019
- February 2020 payroll ledger for verification of employee #s on February 15, 2020
- A list containing each employee that made more than $100,000 gross salary over the 12 months or in Jan-Dec 2019, or made more than $8,333 gross salary per month they worked
- Loan details if you received an Economic Injury Disaster Loan (EIDL) between January 31, 2020 and April 3, 2020
- Copies of a state driver's license or US passport for each individual that owns 20% or more of the company, as well as their home addresses and social security
The application below is for the PPP loan. In seven weeks, you will need to apply through the SBA if you want that loan forgiven. Those documents will be uploaded here once the SBA releases them. In addition, once your PPP loan is approved, we'll reach out to you to make sure you are filing for loan forgiveness through the SBA when it is time.
LGE PPP Loan Program Application, including Form 2483 and Document Uploads
Note: You will be able to stop and return to our form at a later time. All information you provide is encrypted and transmitted to secure servers via DocuSign. From that point, the forms are moved to secure Microsoft servers.
If you would like to check the status of your application, or have been asked to upload supplementary documents, please use the link below. DO NOT USE THIS LINK FOR THE INITIAL APPLICATION. USE THE LINK ABOVE.
Application Instructions: Self-Employed Applicants
The SBA is launching the Paycheck Protection Program in two stages:
The first stage for small businesses with employees was launched on April 3. The application forms above are for these employers.
The second stage is for self-employed persons (e.g., sole proprietors and independent contractors) and launches on April 10. We will be posting those application forms as soon as possible.
Frequently Asked Questions
What can I count as Payroll Costs?
Payroll Costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.
What doesn’t count as Payroll Costs?
Any compensation of an employee whose principal place of residence is outside of the United States; ii. The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary; iii. Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees; and iv. Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127).
Do independent contractors count as employees for purposes of PPP loan calculations?
No, independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower’s PPP loan calculation.
What businesses are excluded?
Certain business in financial services or where there has been criminal activity on the part of the business or any principals.