SCU has partnered with a national online lender to satisfy our members’ urgent request to facilitate the application for the Paycheck Protection Program (“PPP”) Fund Loans.
Paycheck Protection Program (“PPP”) Fund Loans are part of the stimulus package passed by Congress and the President, designed to provide economic support to businesses by offering loans enabling companies to retain employees and pay certain operational expenses incurred during the COVID-19 pandemic.
This program authorizes forgivable loans to small businesses to pay their employees. The loans can cover payroll support, employee salaries, rent, utilities and other debt obligations as America’s small businesses recover from the economic impacts of COVID-19. Loans are available for up to 250% of an employer’s average monthly payroll, with a maximum loan of $10 million.