**We are not submitting applications for PPP forgiveness until further direction from the SBA. Please check back often for updates**
small business assistance
We know that your business is your livelihood and we want to do everything we can to help you thrive and succeed. But we understand that sometimes things happen, and you may need a little assistance, please know that we are here to help!
Paycheck Protection Program (PPP)
As a Business Member you can take advantage of the Paycheck Protection Program (PPP) loan which will be available until August 8th. The Paycheck Protection Program is a $350 billion emergency lending program designed to provide small businesses with loans to help cover their operating expenses and maintain their workforce during a temporary period of severe market disruption.
Important Updates & Reminders
KCCU has gathered what we deem to be very important updates and/or reminders to the PPP loan offered through the Cares Act. We encourage all our members to visit the SBA website for a complete explanation on PPP loans and the forgiveness process.
- There has been no change to the timeframe to which businesses can apply
- Under the CARES Act, authorized funds for the program are set to expire on August 8, 2020, allowing for no new loans to be issued after this date.
- Employee salary eligibility remains capped at $100,000.00
- Congress passed legislation extending the usage period from 8 weeks (June 30, 2020) to 24 weeks (December 31, 2020).
- The amount allowed for non-payroll uses (rent/utilities) of PPP loan funds increased from 25% of the loan to 40%.
- The required amount allocated towards payroll expenses decreased from 75% to 60%
- Repayment terms extended from two years to five years for applications after June 5.
- All loans remain at an interest rate of 1%
- Forgiveness may not be affected by a reduction in employees if the borrower is able to document an inability to rehire individuals, to hire similarly qualified employees, or to return to the same level of business activity as it was operating at before February 15, 2020
If you took advantage of the PPP Loan you may have question on the next steps for loan forgiveness. Below are resources to help you through the process and feel free to reach out to KCCU with any questions you may have.
- SBA Loan Forgiveness Website and Applications
- Required Documents
- SBA website
- PPP Information from the US Treasury
Need further assistance?
If you have questions or need additional business relief assistance, please call 269-968-9251 or complete the Business Relief Assistance Form