What is the Paycheck Protection Program?

Credit Human is offering Paycheck Protection Program loans from the Small Business Administration to members and our select group partners. The loans are designed to empower small businesses to keep your workers on the payroll as we work through the pandemic together.

You can borrow up to two and a half times your average monthly payroll costs over the past 12 months to cover everything from salaries, medical and sick leave to healthcare benefits, rent and utility costs. And to help give you the slack you need right now, there are no payments for up to six months.

All or a portion of the loan may be forgiven by the SBA if your business keeps all employees on the payroll for eight weeks.  These loans have an interest rate of 1.00% and two-year maturity. 
SBA will stop accepting applications this coming Tuesday, June 30, 2020. To ensure ample time to review your application, we encourage you to send us your application and all required documents a few days before that deadline.​

Ready to apply?

Just complete a simple application form and email it to us at MemberBusinessLoans@CreditHuman.com. Our dedicated team will assist you in qualifying for the loan.  Right now we’re focusing our efforts on businesses in Texas or those who belong to one of our associations.

Before you apply, you’ll want to gather the documents listed below, and calculate the estimated loan amount: 2.5x your average monthly payroll, which includes: 

  • salary and wages
  • commissions
  • cash tips or the equivalent
  • payment for leave (vacation, parental, family, medical or sick) and separation or dismissal
  • the employer-paid portion of benefits, including group health care coverage premiums and retirement benefit costs
  • employer-paid taxes assessed on employee compensation at the state and local level only

Do not include:

  • wages above $100,000 for employees who make over that amount
  • rent and mortgage payments 
  • utility payments
NOTE: If you have completed a PPP Loan application with another lender, please complete the form below and we’ll reach out to you to learn more.
Download Application

Business owners will need to provide the following documents with their application:
  • 2019 Payroll - copies of payroll reports for each pay period for the preceding 12 months, covering gross wages, leave (which might include vacation, sick, and other PTO).
  • 2019 Payroll taxes - Payroll tax reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available).
  • 2019 Employees - 1099’s for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do not include 1099’s for services)
  • Healthcare costs - all health insurance premiums paid by the business owner under a group health plan.
  • NAICS Code
  • Entity type - e.g., LLC, Sole Proprietorship, Partnership, S Corporation, C Corporation
  • Established date of business or date of incorporation
  • Driver’s license - copy of business owner’s driver’s license (if you are not an existing Credit Human member)
  • TIN and SSN for at least one owner with greater than 20% interest in the business (if you are not an existing Credit Human member)

Need more information?

If you’d like to speak with our Member Business Lending team about the program and the process for applying, please provide us with your contact information and a member of our team will contact you.

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It pays to support your employees. We can help.

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