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).Apply NOW
Pinnacle FCU is an
approved SBA Lender for the PPP.
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll.) Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor PFCU will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines. Or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1%.
Disclosure: The above is for informational purposes only. All applications are subject to SBA approval. Not all applications will be approved. Lender will not fund such loans without SBA direct approval. For further details on the SBA PPP please visit www.sba.gov.