Important COVID-19 Member Update!
Paycheck Protection Program Loan Update
Effective at 5 PM, Thursday April 16th, 2020. MVFCU will no longer be accepting applications for the Paycheck Protection Program Loan. Anybody who applied or contacted MVFCU by April 16th about a PPP Loan will be contacted by the Lending Department.
SBA, Treasury Release PPP Loan Forgiveness Application
The Small Business Administration (SBA) and Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application last week. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act.
According to the SBA, it will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles;
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan;
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness;
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30; and
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released recently will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans.
Financing available for:
- Commercial Real Estate
- Commercial builders
- Commercial construction
- Lines of credit for working capital
- Term loans
- Commercial equipment
- Commercial aircraft
- Fleet financing
- Medical and dental equipment
Schedule an appointment today by calling 907-745-9165!
Commercial or Business Loans
Financing to help your business grow
If it's not a construction loan you need, we offer business loans for a multitude of different purposes. Contact one of our Construction or Commercial loan officers today to start your business loan application.
We offer interim construction loans to licensed general contractors to build homes for resale. The interim construction loan will most probably be for a pre-sold home. If there is not a buyer under contract for the project the credit union will consider each request on a case-by-case basis.
Supplemental packages are also available for home construction projects that require compliance with FHA (Federal Housing Administration) or VA (Department of Veterans Affairs) construction requirements.
Contact our Construction or Commercial Loan Officer today for more information.
*Construction loans are currently available in Alaska only.
Rates, terms and fees will vary depending on your individual circumstances and project.
The application packages are in PDF format and can be filled in online and printed, or simply printed and filled in manually (filled in forms online cannot be saved at this time). Once you have completed the packet, call us at (907) 745-9165 during regular business hours to set up an appointment. If you have any questions about the loan application package, call us at the above number, we're here to help you!