SBA Paycheck Protection Program (PPP)
Small Business Loan Assistance
Updated July 7, 2020
We are accepting new PPP applications from existing business members. All new applications must be submitted by Wednesday, August 5th in order to allow time for processing with the SBA.
For members with current PPP loans, we expect our forgiveness portal to be ready the week of July 13th. Please see the below FAQs for more information.
If your PPP loan has already funded, please understand that BECU is still awaiting final forgiveness guidance from the SBA in order to accurately communicate documentation requirements to our PPP borrowers. We appreciate your patience and will update this page when we have new information to share.
View the Loan Forgiveness FAQ below for guidance on our current understanding of the process.
- Learn about the program. Please read up on the Paycheck Protection Program administered by the US Small Business Administration (SBA).
- Determine your eligibility. Generally speaking, businesses and non-profits (501c3) with fewer than 500 employees qualify.
- Download, complete and save the following forms. You will be asked to submit these as part of the application process.
- SBA PPP Application (PDF)
- BECU Certification Regarding Beneficial Owners form (for Partnerships, LLCs & Corporations only)
- BECU SBA PPP Payroll Expenses Worksheet (PDF) (Required for Partnerships, LLCs & Corporations). Filling out this form will help you organize your needed documentation, and greatly assist us to move more quickly to consider and process your application.
- Gather all supporting documentation. This includes payroll information. See below for Required Documentation needed. It is very important that you have all the necessary documents prepared and ready to submit.
Please note, due to the high demand for this program, incomplete applications or applications submitted without complete documentation cannot be accepted and will not be processed
Please do not send us any applications via unsecure email nor drop off at a Neighborhood Financial Center.
Next Steps: What to Expect After Submission
- After your signed application and supporting documents are provided to us, your application will move into processing.
- You will receive an email once a final decision is made.
- If approved, funds will be deposited directly into your BECU Business Checking account, and no further action is needed.
Expand What is the Interest rate?
Expand What are the loan terms?
Additional Funding FAQs
About Loan Forgiveness
Please note: these FAQs are not intended as legal advice nor as an official interpretation of the rules. Due to the complexities of the program, we may learn of inaccuracies to our current understanding. We will update these FAQs to the best of our ability as new information becomes available.
We appreciate your patience and understanding while the details surrounding forgiveness are being finalized by the SBA.
About BECU PPP Submissions
Program eligibility requirements are established by the SBA.
You need to have an established BECU business membership prior to February 15, 2020 to apply for this program with BECU.
- Any eligible small business or non-profit 501(c)3 with fewer than 500 employees. This includes sole proprietorships, independent contractors and self-employed persons, private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
- Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
- Note: Independent contractors cannot apply until April 10, 2020 per SBA guidelines.
- Businesses must be established since February 15, 2020.
In addition to the SBA requirements, BECU also requires established business membership as of 2/15/2020 to apply.
Applications are accepted through June 30, 2020, or until funding provided by the CARES Act has been exhausted.
Documentation You'll Need Before Applying
- A completed SBA PPP application (PDF)
- For partnerships, LLCs, and corporations, you'll need to complete a Certification Regarding Beneficial Owners (PDF) form
- For partnerships, LLCs, and corporations, you'll need to complete the BECU SBA PPP Payroll Expenses Worksheet (PDF). Filling out this form will help you organize your needed documentation and greatly assist us move more quickly consider and process your application. Completing the form and submitting with the above documentation is strongly recommended.
- 2019 IRS quarterly 940 (PDF) 941 (PDF) or 944 (PDF) payroll tax reports.
- Payroll reports for a 12-month period (ending on your most recent payroll date), which will show the following information:
- Gross wages for each employee, including officer(s) if paid W-2 wages
- Paid time off for each employee
- Vacation pay for each employee
- Family medical leave pay for each employee
- State and local taxes assessed on an employee's compensation
- Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan. Include all employees and the company owners.
- Document the sum of all retirement plan funding that was paid by the company owner(s) (does not include funding that came from the employees out of their paycheck deferrals). Include all employees, including company owners. Also, include 401K plans, Simple IRA, SEP IRAs.
- For self-employed and independent contractors, documentation is required to submit your application. The preferred documents are: 2019 Form 1040 Schedule C (PDF) or an estimated 2019 Form 1040 Schedule C (PDF).
- COVID-19 Resource Page (BECU)
- Financial Relief: How we can help (BECU)
- EIDL Emergency Advance Loan
- Directory of Local Chambers of Commerce
- Paid Leave for Workers and Tax Credits for Small and Midsize Businesses
- U.S. Small Business Administration website (SBA)
- Washington Department of Revenue Offers Business Relief
- Working Washington Small Business Emergency Grant program
- COVID-19 Resources for Washington Small Businesses
- Coronavirus Emergency Loans Small Business Guide Checklist (PDF) prepared by the U.S. Chamber of Commerce