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Paycheck Protection Program

Small Business Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP) provides small businesses with funds to cover certain payroll and benefit costs and other non-payroll expenses during the pandemic. Businesses can qualify for PPP loan amounts up to $10 million for first draw loans. For second draw loans, businesses can qualify for amounts up to $2 million. Small businesses and non-profits may now apply for funding from the SBA Paycheck Protection Program (PPP) through Community First Credit Union.

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Before you apply for a PPP loan:

1. Review the following details on what you'll need to complete the application.

  • To apply, you must be a Community First member with an active Community First business checking account as of January 1, 2021
  • The SBA requires that your business must have been in operation on February 15, 2020 and is not permanently closed to be eligible for a PPP loan
  • Additional eligibility requirements exist depending on if you apply for a first draw PPP loan or a second draw PPP loan. Learn more at the SBA website

2. Determine your first draw loan or second draw loan eligibility.

3. Gather all required documents and information. Review the SBA guidelines

Benefits of an SBA-Backed Paycheck Protection Program Loan

  • Low Interest Rate
    • Just 1% APR for the entire life of your Paycheck Protection Program loan.
  • 100% Loan Forgiveness
    • For qualified loan uses like payroll, mortgage interest, rent, and utilities.
  • Defer Payments
    • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender
  • No fees
    • Neither the government nor lenders will charge small businesses any fees

Who can apply
Existing Community First small-business members with an active Community First business checking account as of January 1, 2021

For the First Draw PPP Loans the following entities affected by Coronavirus (COVID-19) may be eligible:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

The loan may only be used for:
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

How to Apply:

  1. Use the SBA Guidelines to gather the necessary documents.
  2. Log in to your account via Online Banking or by using our Mobile Banking app.
  3. If logged into the mobile app, click on the 'Menu' button, click on the “Business Banking” tab, and then select “Paycheck Protection Program”. If logged in via desktop, simply click on the “Business Banking” tab on the left, and then select “Paycheck Protection Program” tile.
  4. Complete the application. After submitting your application, you should receive the confirmation email. Please note, that due to a high volume of applications, loan decisions may take between 5 to 10 business days. Thank you for your patience and understanding during this time.

Paycheck Protection Program on Online Banking

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Federally Insured by NCUA. Only existing Community First small business members who joined before 1/1/2021 can apply for the program. Other program eligibility requirements are established by the SBA. Credit and other restrictions apply. All offers may end at any time without notice.