sfcu is STILL accepting SBA PPP Loan Applications
Contact the Business Services Department for information and to apply at BusinessBanking@sidneyfcu.org
Paycheck Protection Program Loan Details
The Paycheck Protection Program (PPP) is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business with a loan up to $10 million for payroll and certain other expenses. Loans are made through sfcu and other qualified participating SBA lenders and are guaranteed by the federal government of the United States.
The SBA will forgive the portion of the loans used for payroll, office operations, and select other expenses. SBA will forgive up to 100 percent of the loan if proceeds are used for eligible purposes, which include:
Payroll (60% of total funds must be used for payroll specific purposes)
Health care benefits and related insurance premiums
Employee compensation (with some exceptions)
Mortgage interest obligations (but not principal)
Rent and utilities
A borrower may borrow 2.5 times its monthly payroll expenses, up to $10 million.
No collateral or personal guarantee is permitted to be required for the loan.
Most types of businesses and industries are eligible, including non-profits, retailers, restaurants, hotels, and independent contractors.
Required documentation: Payroll details, check copies, bank statements, payroll statements, and other proof of expenditures.
PPP Loan Forgiveness Details
The PPP provides loan forgiveness if the loan proceeds are used for approved purposes as noted in the Interim Final Rules established by SBA and the Treasury. Please visit www.sba.gov for complete rules and terms of this program. If you have additional questions regarding your ability to receive funding and forgiveness, we encourage you to contact your CPA, Accountant, or Attorney prior to applying.
Please Note: If you have already received a PPP loan from the credit union, we will be contacting you regarding the forgiveness process as soon as SBA/Treasury have finalized rules and processes.