Small Business Administration (SBA)
Paycheck Protection Program
We are no longer able to accept PPP applications. We are proud that we were able to assist 144 members with over $6.1 million in forgivable loans. We are now focused on servicing those members and their loans.
We are currently working on an online application for loan forgiveness to those with funded loans. We will be notifying all PPP borrowers by email once this is ready.
The Paycheck Protection Flexibility Act of 2020 became law on June 5. The major changes were an extension of the eight-week covered period to a new 24-week covered period, as well as a reduction of payroll costs from 75% to 60%
PPP borrowers do not need to sign anything if you wish to utilize the new 24 week covered period.
Please know that the timeframe in the promissory note no longer applies. You now have more time to gather your documents and prepare your application for loan forgiveness.
If you received your PPP Loan through SF Fire Credit Union, you will need to submit your request through us as well.
On October 8th, the SBA announced changes to the PPP loan forgiveness process that include a simplified application for certain borrowers with PPP loans of $50,000 or less.
We are taking steps to make this new PPP loan forgiveness application available via our online portal.
Please know that we understand and empathize with the stress members are experiencing due to the impact of the pandemic on their businesses.
The Paycheck Protection Program has been unprecedented in size, scale, and demand. The demand overwhelmed the capacity of SBA lenders (large and small, banks and credit unions), with all lenders across the country facing the same challenges and unable to meet the needs of every applicant.
We understand there are still small business that need assistance. Please visit the SBA’s website for the latest guidance on how to apply.
We thank you for your patience and understanding during these challenging times.
