New paycheck protection program applicants

1/11/2021

SBA Application Deadline to apply: May 31, 2021

Chaffey FCU Application submission Deadline: May 12,2021

Eligibility:

  • Less than 500 employees

  • Operational before February 15, 2020 and remains operational

Who can Apply:

  • Business entities (partnerships, corporations, LCCs)

  • Sole proprietors, independent contractors, self-employed individuals

  • 501(c)(3)

  • 501(c)(6)

  • 501(c)(19) Veterans organization

  • Tribal business

  • Housing cooperatives, destination marketing organizations, and eligible news organizations

Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

**Before applying for a PPP Loan, one must open a new business account at Chaffey FCU.**

How To Submit Your Application

Once you have filled out the form below, we will be sending you an email to securely send your documents to our team.

Full Forgiveness Terms:

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

    • Employee and compensation levels are maintained;

    • The loan proceeds are spent on payroll costs and other eligible expenses; and

    • At least 60 percent of the proceeds are spent on payroll costs.

Steps to Opening a Business Account:

1. Schedule an appointment with a Team Member after you receive an email back from the inquiry form

2. Gather all necessary paperwork (from the list below)

3. Bring deposit fee of $40

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.