FAQ's For Housing Co-op Applications Only
Please review before starting your online application.
The below guidance is subject to change as the SBA continues to update its guidance and its systems. Please check back here for updates.
- Only a board member or officer who is or will be authorized by the cooperative board to sign the loan documents (and not a property manager) must complete the application in the system.
- Business Information Section
- Please select 216(b) housing cooperative as the business type.
- The housing co-op NAICS Code is 813990.
- Please ensure you enter your legal corporate name and business address as located on your organizational documents.
- Ownership Section
- You must complete this section in the system before submitting your application.
- If you have sponsors or other persons or entities that own 20% of the co-op shares, you must include them in this section and provide all requested information.
- If there are no such persons, the system will still require you to list a person or entity as an “owner.” In that case, please include the co-op name, address, and TIN and indicate 100% ownership.
Please include the following documents with your application:
- Articles or Certificate of incorporation and Bylaws.
- Payroll statement (or similar documentation) that covers 2/15/20 – Must show that business was in operation and had employees on that date.
- A 2019 or a 2020 (as applicable) Payroll Processor’s record showing wage, benefit, and tax (federal and state).
- If a Payroll Processor’s record is not available, you must provide sufficient documentation to support your calculation of eligible amount. This documentation may include:
- 2019 or 2020 Federal Tax Form 941
- IRS Form W-2 and IRS Form W-3
- State quarterly wage unemployment insurance tax reporting from each quarter.
- Evidence of any retirement and group health, life, disability, vision, and dental insurance contributions must be provided if used to substantiate the applied-for PPP loan amount.
We will not be able to process your application without the above information so to avoid delays, please be sure that it is all included before submitting your application.
If your application is approved by the SBA, we will contact you regarding closing and the additional required documents, including a resolution from the Board authorizing the PPP Loan.