Online Banking

ONLINE BANKING LOGIN
Sharon Credit Union BlogSharon Credit Union FacebookSharon Credit Union LinkedInSharon Credit Union Twiter
SCU Credit Union Go to main content
877-661-3300
SHARE THIS:
Facebook Twitter Print Email

The Cares Act

SBA Paycheck Protection Program (PPP) Update

The information provided is intended for informational use only and is subject to change.

New federal stimulus legislation was approved, and it includes continuing the Paycheck Protection Program (PPP) and providing additional assistance to small businesses affected by the Covid-19 pandemic.

We are pleased to announce that the SBA Portal is now open and we are actively taking PPP loan First Draw, Second Draw, and Forgiveness applications.

Please email commercial@scucu.com to request an application or if you have questions regarding the program.  
 

First Draw Paycheck Protection Program Loans

  • Available for eligible businesses that did not receive a PPP loan previously
  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of two years. Loans issued after June 5 have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

 

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Paycheck Protection Program First Draw Borrower Application Form (revised 01-08-21)

 

Second Draw Paycheck Protection Program Loans

Establishes a new round of PPP loans for eligible businesses.

  • The maximum loan amount for a second loan is $2 million.
  • This loan program applies to small businesses with 300 or fewer employees, and a 25% revenue loss in any quarter of 2020 relative to that same quarter in 2019.
  • Forgivable expenses have been expanded and include Software and cloud computing for operations supplier costs, and investments in facility modifications and personal protective equipment to operate safely, Costs incurred to provide PPE and/or adaptive instruments to comply with federal, state, or local safety regulations related to COVID-19. This is not retroactive to the original, first PPP loan program.
  • The full amount of a first PPP loan must be used before a second PPP loan is distributed.
  • Some eligible businesses may qualify for more funding due to changes in guidance after they obtained their original loan.
  • Eligible Businesses that did not previously obtain a PPP loan are eligible for the original PPP product and do not need to qualify under heightened the Second Draw eligibility provisions.
  • Loans $150,000 or less, do not have to provide documentation on the 25% revenue loss until they apply for forgiveness.
  • Paycheck Protection Program Second Draw Borrower Application Form (released 01-08-21)

 

Paycheck Protection Program Simplified Loan Forgiveness

 

Borrower PPP Loan Applications

 

Supplemental materials

 

Affiliation rules

 

Click on the links below for more information:

 

Other Resources

 


SCU Credit Union Corporate Office | 1300 Belmont Street, Brockton MA 02301 | 877-661-3300

FINANCIAL EDUCATION

Blog Resources Library Counseling

SECURITY CENTER

News Resources Report