Coronavirus COVID-19 News - Temporary Changes to Branch Lobby Availability. Learn more.
Close

We are just about ready to begin accepting PPP Loan Forgiveness Applications. Starting in mid-September, we will begin sending emails out in waves inviting our members to request forgiveness. We will be utilizing an online forgiveness questionnaire process that will offer a quick and simple way to apply. As a reminder, here is a checklist of items and information that you should be prepared to provide:

  • The email address used on your Borrower PPP Application
  • Your SBA PPP Loan Number-this can be found within your executed loan documents
  • Your Business TIN (EIN or SSN)
  • Documentation to support the use of loan proceeds for eligible payroll and non-payroll costs.

Below is a link that provides some additional information on the forgiveness:

Loan Forgiveness Information

 

About the Paycheck Protection Program

As part of the new Corona Aid, Relief and Economic Security (CARES) Act, the Small Business Administration (SBA) has announced the Paycheck Protection Program which provides loans of up to $10 million for payroll and certain other expenses to small businesses* with less than 500 employees.

These loans can be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. At least 60% of the loan amount must be used for payroll, to qualify for forgiveness. Please also note that the program funds are limited, subject to availability from the SBA, and are funded on a first-come, first-serve basis.

* Small businesses (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19, are eligible if they also meet program size standards. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

 

Business banking with EECU

We're committed to your business' growth and success. Here are a few Business Banking solutions designed to fit your business needs.

Real members. Real stories.

EECU is the perfect home for my business banking. I get all the big-name-bank products and services, without giving up all the small, community bank touches, like being greeted by name every time I walk through the door. I send friends and colleagues there all the time because EECU still knows the value of relationship banking. Try them out and see for yourself.

Chuck Mooney
Managing Partner
The Kelly Charles Group, LLC

Find your local financial center or ATM

Location Search