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We understand that this is a tumultuous time for our business members. The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act created some specialized loan programs to offer assistance to struggling or impacted business owners. The Paycheck Protection Program (PPP) makes potentially forgivable, low-interest loans available to qualifying businesses to cover payroll, rent/mortgage, and utility expenses. The program requires that business owners apply with participating financial institutions, registered to work with the SBA.
The Credit Union had been working diligently to build and launch a Business Lending program to our membership; but with our program still in its infancy, we lack the resources to make the PPP loans available to our membership. We encourage our business members to rely on the experience of their typical business lender/institution of choice for assistance during this time.
If you are in need of a loan, the Economic Injury Disaster Loan (EIDL) program and other relief information can be applied for directly through the SBA. See the SBA website for additional details.