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Paycheck Protection Program Application

In 2020, MIT Federal Credit Union helped over 40 small businesses by approving PPP Loans.

 

First Draw - You did not previously receive a PPP loan - Click buttons below

Second Draw - You previously received a PPP loan - Click buttons below


 

Instructions for Completing The Protection Program Application

  1. Download the application to your computer or device. Then fill in the downloaded application. Remember to save it when you are finished.
  2. The maximum loan amount for a Second Draw PPP Loan is equal to the lesser of two and half months times borrower’s average monthly payroll costs (2019 or 2020 annual payroll cost divided by 12) or $2 million.  (Borrowers in the Food Service and Accommodation industries use three and half months.)

A complete application must include all supporting documents indicated below:

  • Your completed and saved application along with the MIT Federal Credit Union appropriate complete First or Second Draw Requirement Checklist
  • A worksheet/spreadsheet in any format showing the calculations and date range used to determine your average monthly payroll costs with supporting documentation (e.g. W-3, 941, third party payroll processor records or tax returns)
  • 2019 Tax Returns
  • For loans greater than $150,000, documentation is required to establish that the business experienced a revenue reduction of 25% or greater in 2020 relative to 2019. (For loans $150,000 or less, this will be submitted when you apply for loan forgiveness.)
  • Verification that your business was in operation on February 15, 2020 (can be invoice, bank statement, etc.)

NOTE: All PPP applications must be completed and signed with all supporting documents included. Submitting your application without the proper supporting documents will not only delay processing of your loan, it will also delay our ability to serve other businesses.


 

Email all required documentation as outlined above to us at:

Email: loans-mitfcu@mit.edu
You are sending sensitive income and personal/business information, please ensure that any email is sent securely and password protected.

NOTE: It is essential that you include your source documentation for determining your loan amount (i.e. payroll records, payroll tax documents, tax documents, etc.)

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