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Information for Businesses on the Paycheck Protection Program

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Information for Businesses on the Paycheck Protection Program

Posted on by Fox Communities

Fox Communities Credit Union has partnered with online lender Kabbage to provide our members access to the Paycheck Protection Program loan program. Kabbage offers a streamlined process for these loans. By following the link, you will leave the Fox Communities website and be redirected to the Kabbage website. Please be aware that this loan will be with Kabbage under terms set by the Small Business Administration, and Fox Communities Credit Union is unable to provide any servicing needs for this loan.

Also, please be very aware that this program is being administered by the US Small Business Administration and has been rolled out very quickly. This process could be very difficult, as the volume of loan requests is expected to be extraordinarily high. Fox is doing everything we can to get you access to this program as quick as possible, but we are at the mercy of the technology that the SBA is deploying, and the level of demand for a limited dollar program. This could result in there not being enough funds available for everyone who applies. Fox will continue to look for ways to expedite this process to help our members navigate this unprecedented loan program.

Helpful Information for Completing the Payroll Protection Loan Application

  1. Documentation listing employees by name and providing their home address and wages.
  2. Documentation verifying the number of employees on payroll, their pay rate, IRS payroll and state income tax filings and unemployment insurance filings.
  3. Documentation verifying payments of rent, mortgage interest, utilities and other debts.
  4. Certification that the documents provided are true and that amount of the loan that is being forgiven was used in line with the program requirements.
  5. When filling in the request loan amount, make sure it’s in even $100’s
  6. Have available the NAICS code, which can be found in the upper left hand corner of your business tax returns or through this website: https://www.naics.com/search/

Kabbage PartnerKabbage is aware that some customers have reported issues linking their bank account in the Kabbage Paycheck Protection Program application. These issues are being addressed as quickly as possible. For customer support of individual issues that are being experienced, please contact Kabbage at 888-351-3143.

Updates:

Some members are reporting the system is freezing up due to overload. Please, keep trying. There are hundreds of thousands of small businesses all trying this at the same time, with some having  success!
Please note, you will need the Fox Communities Credit Union’s routing number (275977256) as well as your deposit account number. A secured verification code is then required which comes from a phone call from 920-993-9000. It is a 5 digit code. After submission, it then asks the member to upload IRS Form 941 which is the last quarterly payroll tax form and how payroll is verified. The process is then complete.

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