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Kellogg Community Credit Union
Business loans
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PPP Loans

We know that your business is your livelihood and we want to do everything we can to help you thrive and succeed during this trying time. Please know that we are here to help!

Paycheck Protection Program 2021

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced on January 8, 2021 the Paycheck Protection Program (PPP) will re-open for new borrowers and certain existing PPP borrowers.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through July 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Application & Resources

 

Submit your application using any of the following secure methods: 

Key Updates to PPP

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

Eligibility

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Need further assistance?

If you have questions or need additional business relief assistance, please call 269-968-9251.