PPP Loans: Essential Info

PPP Loans: Essential Info

PPP Loan Information – as of 05/07/21

In late 2020, Congress approved a second round of Paycheck Protection Program (PPP) loans for small businesses. However, the Small Business Association (SBA) has limited the lending availability due to limited funding at this time. Unfortunately, we are unable to process new applications going forward. Should this change we will update the membership via online platforms.

PPP Loan Forgiveness

The first round of PPP loans were meant to cover payroll and certain other business costs through the end of 2020. If you spent that money on eligible expenses, the Small Business Administration will forgive your loan. But you must apply for forgiveness.

If you took out a PPP loan through our credit union and have not yet applied for forgiveness, get in touch with us so we can help you complete the necessary paperwork.