SMALL BUSINESS PAYCHECK PROTECTION PROGRAM(PPP)
Currently MAFCU is only accepting Paycheck Protection Program (PPP) applications from existing business members. To open a business membership with MAFCU, click the button below. Once a business membership has been established you are welcome to apply for the PPP loan.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Funds are provided in the form of loans that may be forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All MAFCU Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply
- Click on the "DOCUMENTS NEEDED TO APPLY" to find out the information we'll need.
- Download the "PAYROLL CALC WORKSHEET" under Resources.
- Click on the "APPLY NOW" button below.
- Login/sign up below to fill out the application.
- Once in the portal, make sure to select the "SBA LOAN"
Failure to submit ALL required documents will delay in the processing of your loan.
All loans will have the same terms regardless of lender or borrower. Additional information and full terms can be found at www.sba.gov.
Please note that we will also ask for:
- Citizenship Status
- Date Business Established
- Drivers License or other suitable government issued I.D. along with the date of organization of the business should be loaded into the Sageworks document folders on the documents page by pressing “Add a new document.”
- When applying, Sole Proprietors and independent contractors should include their 1099s as well as Schedule C for 2019 as proof of income.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information