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Info for first-time PPP loan applicants …

Heartland is now taking applications for FIRST-DRAW Paycheck Protection Program loan borrowers.  Please note: There are significant changes to the program so please seek advice from your accountant to determine your loan amount and eligibility.

First-draw borrowers are those who did not receive a PPP loan in 2020.  If you’ve already contacted a Heartland Business Lender, use this link and follow the instructions found on the application.

NOTE:  If you have NOT spoken to a Heartland Business Lender OR not filled out this form, please do so now. DO NOT proceed to the LoanStreet application until you are directed to do so. There is preliminary information we need from you before you fill out the PPP loan application.

Learn how to calculate your first-draw maximum loan amount and the documentation needed here.

First Draw PPP Loan Checklist

  • You must have a Heartland Credit Union business membership. Email or visit our website to get the process started.
  • Be prepared to provide the face page of your 2020 or 2019 tax return
  • Be prepared to provide your 2020 or 2019 IRS form 941, 943 or 944 (all quarters)
  • Be prepared to provide your Schedule C or Schedule F from 2020 or 2019 tax return (if self-employed)
  • If you are a sole proprietor and if the above reports aren’t available, be prepared to provide other sources income and an expense statement to determine payroll
  • Be prepared to provide a copy of your Driver’s License
  • Be prepared to provide the Articles of Organization or Articles of Incorporation (if applicable) of your business
  • Be prepared to provide the Operating Agreement or Bylaws (if applicable) of your business

IMPORTANT:

  • All financial information must be from the same tax year. For example, if you are using 2020 payroll to calculate your loan amount, you must include your 2020 tax return.  If using your 2019 payroll to calculate your loan amount, you must include your 2019 tax return.
  • For any loan forgiveness consideration, additional information and documentation related to the use of loan proceeds will be required at the time of the forgiveness request. Please refer to the Small Business Administration (SBA) fact sheet on “loan forgiveness” for more information.

Additional Information

Please spend some time reviewing the Wisconsin Small Business Development Center’s website. They provide up-to-date info on many programs available to small businesses in Wisconsin including PPP.

Also, please refer to the Small Business Administration (SBA) website for eligibility and documentation requirements.  Per the SBA, it is YOUR responsibility to understand these requirements.

Back to the PPP home page

 

 

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