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Paycheck Protection Program

Last Reviewed: July 2020

The Paycheck Protection Program (PPP) is a part of the CARES Act and is a loan designed to provide a direct incentive for small businesses (generally less than 500 employees, including sole proprietorships, independent contractors and self-employed persons) to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for 8 weeks and the money is used for payroll, rent, mortgage interest or utilities. All federally insured credit unions are eligible to be a lender for this program, which has minimal underwriting requirements. Credit unions that are already SBA-certified lenders will immediately have the authority to process PPP loans. Credit unions interested in providing these loans to their members who are not already SBA lenders will need to submit applications and apply to the SBA. Lenders can begin processing applications on April 3, 2020 and the program will be available through August 8, 2020 or until funds are no longer available.

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Paycheck Protection Program: Additional Resources

NCUA Resources:

2021 PPP Resources:

New PPP Second Draw Loan Information

New PPP Loan Forgiveness Information

Guidance and Resources

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