Business Services

CheckLogic Merchant Capture

Welcome to CheckLogic Merchant

CheckLogic Merchant is a simple and effective way for Merchant Members to capture checks from their home or office using a check scanner. After checks have been scanned, the batches are submitted for processing and users are able to know the status of their deposit thru the portal site. Once batches are submitted for processing, users can view the status and activity of their deposits via the Members Portal.

Key Advantages of Merchant Capture.

  • Make your funds available faster.
  • Make deposits anytime.
  • Save time preparing deposits.
  • Consolidate funds from remote locations into TBA Credit Union
  • Cut costly courier fees or trips to the financial institution.
  • Reduce risk of check fraud.

Is Merchant Capture for you?

Does your business:

  • Have multiple locations?
  • Make deposits after normal banking hours?
  • Pay transportation costs to deliver deposits?
  • Receive checks with large dollar amounts?

If you answered YES to any of the above questions, then Merchant Capture may benefit your company. It’s like having a 24-hour teller right in your office.

  • Get faster funds availability – With electronic deposits, checks can be deposited into your account sooner, so your money is working smarter for you.
  • Make deposits anytime – Enjoy the convenience of making deposits electronically 24 hours a day, 7 days a week, even weekends.
  • Save time preparing deposits – Preparing deposits electronically is very efficient, reducing labor costs and freeing up staff for other tasks.
  • Save time and money – Electronic deposits can reduce trips to the bank and eliminate costly courier fees.
  • Streamline your cash flow – Check deposits can easily be made from any remote office or storefront. This makes it easy to consolidate deposits from multiple locations into a single bank.
  • Reduce risk of check fraud – Faster check clearing may allow you to act sooner on returned checks, increasing your opportunities for collection.
  • Work more securely – Multiple layers of security include password protection, Internet firewalls, and 128-bit encryption – the highest level of security commercially available.

What you will need.

Merchant Capture is easy to set up and use. All you need is:

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  1. A PC with an open USB 2.0 port and a current version of VIsta (32 bit or 64 bit) Windows 7 (32 bit or 64 bit), or Windows 8 and Internet Explorer® 9 or newer.
  2. A properly installed desktop check scanner.

Commercial ACH Origination Service

Streamline you business. Our Commercial ACH Origination offers you an all-in-one service. 

  • Payroll Direct Deposit: This service allows the business member to deposit payroll earnings directly into their employees’ accounts.  Employees can also automatically distribute their payroll earnings into different savings and checking accounts within multiple financial institutions. 
  • Health Savings Account (HSA) Direct Deposit: This service offers a quick and easy way for a business member to transfer funds from their corporate account to their employees’ HSA account.
  • Electronic Child Support Payments & Garnishments: Provides the convenience of paying mandated child support and other garnished wages electronically.
  • Corporate Transfers & Cash Management: Transfer funds, manage cash, pay business partners, and schedule pre-authorized payments from customers and vendors. A business member can also use the above service to withdraw payments from authorized business partners for delivery or shipment of products.
  • Electronic Bill Payments:Consumers can have their bills paid electronically by authorizing the business to withdraw the payment owed on each payment due day.

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ItsMyBiz Mobile App

Manage your Business Accounts from your mobile device. Download today!

Available on the App Store.Get it on Google play.

 

 

 


PPP Loan Information 

PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS

SBA has extended the Paycheck Protection Program (PPP) for First Draw Loans through May 31, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Who Can Apply

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.1

Reapplying and Loan Increases
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.

How and When to Apply

Borrowers can apply for a First Draw PPP Loan until May 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All new First Draw PPP Loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found HERE.

Ensuring Access for All

SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $15 billion is being set aside for First Draw PPP loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept loan applications from community financial institutions starting on January 11, 2021. The PPP will open to all participating lenders shortly thereafter.

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

First Time Borrower Application Form First Time Borrower Application Form for Schedule C Filers FAQ

PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Targeted Eligibility

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (click HERE for NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

How and When to Apply
Borrowers can apply for a Second Draw PPP Loan until May 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found HERE.

Ensuring Access for All

SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from community financial institutions starting on January 13, 2021. The PPP will open to all participating lenders for Second Draw PPP Loans shortly thereafter.

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

Second Time Borrower Application Form Second Time Borrower Application Form for Schedule C Filers  FAQ

Notice: Paycheck Protection Program resumes January 11, 2021 at 9 am ET

SBA, in consultation with the U.S. Treasury Department, will open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET.  When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.

Loan Details

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

How To Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. 

Visit SBA.gov for more information and to download the application forms.

Have questions?

If you need assistance or need to know what documents TBA Credit Union will need, please contact our Commercial Team.  

  1. View the 3508S Forgiveness Application
  2. View the Instructions For Completing the 3508S Application
  3. View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less

Most small businesses will use the EZ documents to request PPP Loan Forgiveness:

  1. PPP Forgiveness 3508EZ Application Instructions & Checklist
  2. PPP Forgiveness 3508 EZ Application Form

IF a business does not qualify for the EZ Application, the PPP Forgiveness FULL application is below:

  1. PPP Loan Forgiveness Full Application Calculator & Instructions
  2. PPP Forgiveness Full Application

Learn more


Contact the Commercial Team

 

chris-milliron

Chris Milliron, CLO

Chris has 15 years of experience in commercial lending, consumer loans, and mortgages. Chris enjoys working with business owners to find ways to best help their business thrive, whether they just starting out or expanding and growing. Combining his experience and commitment to member service provides Chris a solid platform to help businesses with their lending needs.

 

 

 

 

 

Mark Guimond, Community Relationship Manager

Mark Guimond, Commercial Relationship Manager

 

Mark has over 35 years of Credit Union experience in both business and member service. Mark is excited to help our business community grow by tailoring TBACU products and services to fit your needs in both savings and lending areas. Providing exceptional service and products allows our members to focus on growing their business.

 

 

 

 

Andrea Stagg, Service Center Manager

Andrea Stagg, Commercial Loan Administrator

Andrea has over 10 years of Credit Union experience in member service and lending. Andrea is excited to work with business owners new and established to help grow their business. With a wide range of credit union knowledge she can assist with all business lending needs.

 

 

 

 

 

“When I needed business help in the midst of Covid-19, Andrea at TBA Credit Union was immediately helpful. She started a PPP loan process ASAP for me, kept me in the loop with changes, and communicated frequently and clearly. TBA showed up for me in a way I’ve never experienced with another bank, and I’m so appreciative of their care for and attention to small business customers.”- Mareesa Orth, Design by Reese LLC | May 2020