CARES Act/PPP Loan Details
As your local Credit Union, we’re here to help you, regardless of circumstance. We’re proud to have helped more than 260 businesses apply for Paycheck Protection Program (PPP) loans and loan forgiveness. See below for information, resources and Loan Forgiveness applications.
Through webinars, virtual meetings and phone calls, business advisers from the SBA Resource Partner Network are helping small businesses navigate through the PPP process. Plus, they are working with businesses on their individual recovery plans. Connect with a SBA Resource Partner near you or one of the many other helpful resources from the Federal Resourced for Small Business website.
PPP Flexibility Act Gives Small Businesses More Options
The PPP Flexibility Act provides small businesses with greater flexibility in spending PPP funds and gives them more time to use the funds while reamaining eligible to have the loans forgiven.
Key changes include:
- The period of time for small businesses to utilize PPP funds increases from eight weeks from the time the loan is disbursed to 24 weeks from the time the loan is disbursed or December 31, 2020, whichever is earlier.
- The original requirement that 75% of PPP loan proceeds must be used for eligible payroll expenses in order for the loan to be forgiven has been changed to provide small businesses with the ability to use more of the PPP loan proceeds for other eligible expenses.
- Some exemptions from the rehiring requirement.
- The maturity date for new PPP loans made on June 5 or later will be five years instead of two.
- For loans not forgiven, the payment deferral period has been changed from six months to a a date determined by the lender.
- Businesses with forgiven loans are now eligible for payroll tax deferral.
These forms are subject to updates and changes by the SBA as the process evolves. For more information on assistance programs available through the SBA, visit sba.gov.