PFCU is here to help keep your business running during this COVID-19 crisis with the SBA Paycheck Protection Program (PPP). We need our local businesses. (Not just because we can’t live without our favorite pizza joint or cleaners – who always knows how to get out those grease stains from the pizza we dropped on our shirt.) Small businesses are the lifeline to our community. Just like our small businesses, PFCU are just people helping people. So, let us help.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep your workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight (8) weeks and the money is used for payroll, rent, mortgage interest or utilities (see the SBA web site for further qualifications and restrictions on use of funds).
FIRST DRAW PPP loans are for those borrowers who have not received a PPP loan before August 8, 2020.
SECOND DRAW PPP loans are eligible small businesses with 300 employees or less, that previously received a a First Draw PPP loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw loan is $2 million.
To view more information on PPP from the SBA, click here.
First Draw PPP loan
NOW ACCEPTING APPLICATIONS
Second Draw PPP Loans
APPLICATION PROCESS REOPENING ON
Friday, January 15, 2021