Payroll Protection Program Loans
ETFCU can help small businesses obtain forgivable PPP loans
With $284 billion allotted by Congress via the CARES Act in December, small businesses suffering the effects of COVID-19 and its accompanying restrictions can apply for forgivable loans through Evansville Teachers Federal Credit Union beginning Tuesday, January 19.
In the first phase of the Payroll Protection Program in 2020, ETFCU served 411 borrowers who received $27.5 million to help keep their workers employed and the doors open. Working individually with the applicants, ETFCU commercial loan officers guided them through the process, with more than 90 percent of the borrowers receiving $150,000 or less—showing ETFCU’s commitment to even the smallest of businesses.
There are some changes to the program in this second wave, with a key one being that businesses must show a 25 percent decrease in revenue year-over-year (2020 compared to 2019) for a single quarter.
ETFCU loan officers are available on a first-come, first-serve basis to help walk businesses through the process and facilitate the forgivable loans. Please email firstname.lastname@example.org, use the form below, or call (812) 469-9932, to start the process.
- First-time participants can apply for up to $10 million over a maximum 5-year term, with the loan amount based on payroll expenses.
- The funds can be used for payroll costs, mortgage interest and/or lease payments, utilities, interest on other existing debt, and operating expenditures, property damage, supplier costs, and worker protective equipment.
- The loans can be forgiven if at least 60 percent of the funds are used for payroll costs.
EXISTING PPP BORROWERS
- Existing PPP borrowers can receive up to 42 million with a 5-year maximum term.
- The loan can be used for payroll costs, mortgage interest and/or lease payments, utilities, interest on other pre-existing debt, and operating expenditures, property damage, supplier costs, and worker protective equipment.
- Forgiveness is available if at least 60 percent of the funds are used for payroll costs. Existing borrowers must show they used or will use all of the first PPP loan for authorized uses and have no more than 300 employees.