IMPORTANT PPP UPDATE:
Sfcu is accepting applications for the new round of SBA PPP funding. If you did not receive a link and would like to apply, please email PPP@sidneyfcu.org and someone will reach out to you.
Financial Relief For Your Business
We know that as a business owner, you have to prioritize the safety of your employees and the community as a whole – and we understand that this comes with a financial impact on your organization. We’re here for you.
You Have Options
The Small Business Administration (SBA) is providing financial relief options for small businesses.
Programs announced by the SBA so far include:
SBA Payment Protection Program
On December 28, 2020, the new COVID Relief bill was signed into law, which includes funding for another round of Paycheck Protection Program (PPP) funding. Full details have not yet been communicated by the Small Business Administration (SBA).
sfcu will participate in the program to help and demonstrate continued support for our member businesses. Click here to see an infographic of how sfcu helped local businesses during the first round of funding.
We are developing an online application to make it easy to apply. This will include a step-by-step process, allow you to upload all necessary documentation, and electronically submit the completed PPP application.
You may message the Business Services Department via the 'Contact Us' section of our Business Loans webpage, should you have any questions.
PPP Webinar Information
On January 13, we hosted a one-hour webinar presentation about PPP loans. The video from that presentation is available below; check this page for updated information, including FAQ and more from the Small Business Administration (SBA) as it becomes available.
Q: When will I be able to apply for a PPP, Second Draw with sfcu?
A: Currently, PPP applications are only being accepted by a small subset of financial institutions. We have not yet been made aware of when we will be able to accept applications. If you are interested in applying, please email: PPP@sidneyfcu.org
Q: How much has been made available for the “Second Draw” round of PPP loans?
A: $284 Billion dollars have been allocated to this round of PPP
Q: What are the eligibility requirements for a “Second Draw” PPP loan?
A: You must meet the following conditions:
- Previously received a First Draw PPP Loan and will or has used the full amount for authorized uses.
- Have no more than 300 employees
- Can demonstrate at least a 25% reduction in gross receipts between comparable calendar quarters in 2019 and 2020.
Q: How much PPP will my business qualify for?
A: The majority of businesses will qualify for 2.5 times your monthly payroll expense.
Q: Will the amount of my EIDL advance be deducted from my eligible amount or will I have to pay this amount back as part of my first PPP loan?
A: No. The SBA amended their original guidance on this. EIDL advances will not be deducted from the amount forgiven by the SBA for PPP loans. If you took and EIDL loan vs. an EIDL advance you will have repayment terms directly with SBA.
Q: What are the eligibility differences between the first round of PPP loans and the “Second Draw”?
A: The primary differences are the number of employees allowed (500 vs 300), and the requirement of the 25% reduction in gross receipts.
Q: If I already received a first PPP loan am I eligible for the “Second Draw” PPP opportunity?
A: Yes, if you qualify based on the new eligibility requirements.
Q: Do I have to apply for forgiveness on my first PPP loan prior to applying for the “Second Draw”?
A: No. You do not have to have applied for forgiveness but the funds for the first PPP loan need to have been fully exhausted on qualified expenses (60% Payroll and 40% other qualified expenses as allowed by SBA)
Q: Do sole proprietors with no employees qualify for the “Second Draw” PPP loan?
A: Yes. If the sole proprietor can show the reduction in gross receipts of at least 25% between 2019 and 2020, and have taken advantage of the first PPP loan you will be eligible for 2.5 your monthly income as reported on you Schedule C.
Q: What documents will be accepted to prove a 25% reduction in gross receipts between 2019 and 2020?
A: Quarterly tax filings, Financial Statement (Profit & Loss) or Bank Statements.
Q: When will the one-page forgiveness application be available for the first round of PPP loans?
A: Currently there is no firm release date for the simplified forgiveness application.
Q: How long do you have to apply for forgiveness for the first round of PPP loans?
A: You have 10 months after your covered period has ended. Your covered period is the 8-week or 24-week period in which you committed to using your PPP funded for qualified expenses.
Economic Injury Disaster and Loan Advance (EIDL)
An EIDL provides relief to help with a temporary loss of revenue.
- If qualified, this loan advance does not have to be repaid.
- This program is administered directly by the SBA.
Please visit the SBA website for full loan details.
We will continue to provide updates on relief programs from the Small Business Administration and related agencies.
To learn more and apply for a loan through the SBA, visit the SBA website.
For detailed information about SBA programs for COVID-19, visit this SBA landing page.
For a comprehensive list of federal programs related to COVID-19, visit USA.gov.
This page is frequently updated to reflect the best available information for sfcu and our members. It was last updated on 1/19/2021.