LATEST UPDATE March 21, 2021!!!
Paycheck Protection Program (PPP)
"March 21, 2021 UPDATE" First draw PPP borrowers who received their loan during this second round are now eligible to apply for a second draw. They must have used or will use all PPP first draw funds by the time the second draw loan is disbursed.
See links below:
Paycheck Protection Program Application Information
additional PPP information
The U.S. Small Business Administration (SBA), re-opened the Paycheck Protection Program (PPP) on January 15 for new borrowers and certain existing PPP borrowers.
Key PPP updates include:
• 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, destination 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.
For a second draw PPP loan, no new documents (besides the application) are needed with a loan request of $150,000 and under AND where the business has experienced at least a 25 percent reduction in gross receipts in 2020.
When your PPP loan application is completed, we encourage you to submit it through our secure site here: UPLOAD PPP LOAN FILES HERE
IMPORTANT NOTE: Understanding the financial impact COVID has had on many businesses, MVFCU remains committed to assisting you through this loan process. However, please be aware that we anticipate MANY applications to be filed which may delay our response to your inquiries. Be assured we WILL return all phone calls or emails as quickly as we can. We appreciate your patience as it may be several days delay before we can get back to you.
Paycheck Protection Program: Loan Forgiveness
Paycheck Protection Program Loan Information
The Paycheck Protection Program (PPP) was a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
Click here to read more about PPP loan forgiveness on the SBA website.
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