Attention Small Business Owners:
The original appropriation of $350 billion was fully committed as of April 16, 2020. Adirondack Regional FCU processed more than $650,000 in Paycheck Protection Loans in the initial program.
Congress has now appropriated additional funds for this program. We are accepting applications for this next round of funding and will begin submitting completed applications to the SBA once their system is able to accept applications. We encourage you to continue to apply.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll during the current COVID-19 crises.
The Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
For full details on this loan/assistance program please visit the Small Business Administration website. The Paycheck Protection Program will be available through June 30, 2020.