Resources

Documents

Links

• SBA information: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
• New PPP forgiveness application portal to go live Aug. 10: https://www.nafcu.org/newsroom/new-ppp-forgiveness-application-portal-go-live-aug-10?utm_source=NAFCU+Today&utm_medium=Email&utm_campaign=daily+news&_zs=MtTli1&_zl=VR3x6
• SBA releases more info on PPP appeals process, forgiveness FAQs : https://www.nafcu.org/newsroom/sba-releases-more-info-ppp-appeals-process-forgiveness-faqs?utm_source=NAFCU+Today&utm_medium=Email&utm_campaign=daily+news&_zs=MtTli1&_zl=M1n17
• The following information is provided by Inclusiv:
  Information for organizations interested in participating in the Paycheck Protection Program:
  • Non-certified lenders must apply through the U.S. Treasury Department. Find the Lender Application form at: https://home.treasury.gov/system/files/136/PPP-Lender-Application-Form-Fillable.pdf.
  • Find the Information Sheet for Lenders at: https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf.
  • Find the SBA CARES Act Lender Agreement at: https://www.sba.gov/document/sba-form–ppp-lender-agreement.

  Please Note: According to the SBA’s Interim Final Rules, all SBA 7(a) lenders are automatically approved to make PPP loans on a delegated basis. Credit unions that are not SBA approved lenders are eligible, but apparently they must also meeting the following requirements:

  1. Operating since at least February 15, 2019,

  2. Originated, maintained, and serviced more than $50 million in business loans or other commercial financial receivables during a consecutive 12 month period in the past 36 months, or is a service provider to any insured depository institution that has a contract to support such institution’s lending activities in accordance with 12 U.S.C. § 1867(c) and is in good standing with the appropriate Federal banking agency,

  3. Must not be currently designated in Troubled Condition by their primary federal regulator or are subject to a formal enforcement action by their primary federal regulator that addresses unsafe or unsound lending practices.