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Paycheck Protection Program (PPP) 

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Paycheck Protection Program (PPP)

 

SBA COVID-19 relief loans through SharePoint Credit Union

SharePoint CU is offering Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA) to qualified SharePoint Business members. These loans are designed to provide a direct incentive for small businesses to keep their workers on the payroll as they endure the COVID-19 pandemic.

All or a portion of the loan may be forgiven by the SBA. Of those funds, 60% need to be used toward payroll costs; the remainder of the funds can be used for rent, mortgage interest, or utilities.

PPP loans are available through August 8, 2020, with a maturity of five years and an interest rate of 1%.

 

Is my business eligible for a PPP loan?

This program is for any small business with fewer than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), private non profit organizations, or 501(c)(19) veterans organizations affected by COVID-19. 

Businesses in certain industries may have more than 500 employees if they meet the SBA's size standards for those industries.

Please review the PPP Fact Sheet here to confirm your eligibility.

 

What are the terms of a PPP loan?

  • Loans will have a maturity of five years and an interest rate of 1%.

  • Loan payments will be deferred for six months.

  • No collateral or personal guarantees are required.

  • Loans will be partially or fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities.

  • At least 60% of the forgiven amount must have been used for payroll.

  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.

  • Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

  • Neither the government nor lenders will charge small businesses any fees.

 

For more information, visit the US Treasury site using this link.

 

If you are interested in having our Business Department follow up with you about required documentation, please fill out the following form. Someone will reach out to you within two business days.

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Business Lending rates and terms are subject to change and are offered with approved credit.

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