Dear Members and Business Owners,

HRCU is still participating in the Paycheck Protection Program (PPP) offered through the CARES Act and the Small Business Administration (SBA). There are still funds available and applications may be submitted through 6/30/20.  If you know someone who could benefit from this program, please share with them that HRCU is here and ready to help. If you are a business owner yourself, please continue reading for more information.


Our loan portal is open and available here. This program is designed to give loans to small businesses so they may continue to pay employees and cover other business expenses during the COVID-19 crisis. This loan is fully forgivable, provided the small business proves that the funds were used for eight (8) weeks to cover payroll, rent, utilities, etc. (75% percent of the funds must be used for payroll and 25% can be used for the other allowable expenses.)


The federal government is providing this assistance to help sustain our nation's small businesses. Eligible employers are those who have less than 500 people on the USA payroll, including non-profit and religious organizations who are suffering from lost income due to COVID-19.


More borrower information on PPP is available by clicking on this link. You are welcome to use our excel spreadsheet to help you calculate your eligibility amount by clicking here. If you would like to view a simple PowerPoint that summarizes the PPP program please click here. Finally a copy of the SBA application can be viewed in advance by clicking here. However, we prefer that you complete this application online in our portal by clicking here. Applications will be processed in the order received, so this will put your application in the queue more quickly. You will also be able to conveniently upload your documents, file your forgiveness paperwork and more.


The eligible loan amount for PPP is calculated using 2.5 times your average monthly payroll costs. Qualified 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 for 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.


To ensure your application can be expeditiously processed, please prepare the following documentation as applicable to the business type of your organization:

  • Articles of Incorporation or Organization for borrower
  • Corporate Bylaws or Operating Agreement for borrower
  • Copy of Driver's License for each 20%+ owner of the business
  • 2019 Year End Balance Sheet and Income Statement
  • A list of the Names and SSNs for at least 90% of the ownership
  • YTD Balance Sheet and Income Statement (through 2/29/20)
  • Payroll Documentation can consist of an  internally-provided Payroll Summary Report, Payroll Tax Filings or Bank Statements. The documentation needs to provide the following details:  List of employees, annual compensation and country of residence.

If you are a member of the credit union and would like additional information regarding applying for a business you own, please email with a subject line of PPP for more information. You may also call 816.221.2734, ext 112 or 118. Or get additional details at the SBA website here. Program details may change as the SBA has worked feverishly to roll the program out. HRCU will try to provide updated information as available. Please feel free to share this information with anyone you feel may qualify or benefit from a PPP loan. 


As a small organization ourselves, we know that small businesses are what make communities thrive. We are grateful for and want to help support those establishments that could be assisted by a PPP loan.



Carole Wight, President



Independence Day: Friday, July 3 & Saturday 4, 2020  

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