Service Credit Union continues to be here for you, our valued business members.
We appreciate your patience as we navigate the ever-changing complexities of the PPP loan forgiveness process. The Paycheck Protection Program ends on 08/08/2020. As of 08/07/2020 we are no longer accepting PPP loan applications
Purpose of the PPP Loan
The PPP provides funding for small businesses to help cover up to 8 weeks of payroll costs, including benefits, so you can retain your most valuable asset, your employees. Funds may also be used to pay mortgage interest, rent and utilities.
- Business must be established prior to 02/15/2020
- While loans created under the PPP initiative are legally binding obligations of the borrower which have to be repaid, all or part of the loan amount may be forgiven if the proceeds are used for designated purposes
- No loan payments due for 6 months
All businesses with 500 or less employees including: nonprofits, veterans’ organization, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors.
Service Credit Union will determine the loan amount based upon your application and a review of your payroll costs from last year. Loan amounts can be for up to 2.5X your average monthly payroll costs, capped at $100,000 annualized for each employee.
Loan proceeds are used to cover payroll costs*, mortgage interest, rent and utility costs for the 8 week period following loan disbursement while employee and compensation levels are maintained.
Yes, although loan proceeds cannot be used for the same purpose (i.e. EIDL purpose was to cover April payroll, then the PPP purpose cannot be to cover April payroll, but may be utilized to cover May payroll and other acceptable uses outlined above).
*Payroll costs include: salary, wages, commissions, tips, employee benefits, state and local taxes assessed on compensation, and for sole proprietor/independent contractor this includes wages, commissions, income, or net earnings from self-employment
- Must have an existing Service Credit Union business membership. Please see our membership eligibility requirements here
- Business/Trade Name must be registered and in good standing with the Secretary of State
- CARES Act Borrower Information Sheet: https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf
- Latest information regarding the CARES Act: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
- Apply for an Economic Injury Disaster Loan (EIDL) directly through the SBA: https://covid19relief.sba.gov/#/