The Federal Government passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help support businesses and families impacted by COVID-19. The CARES Act expanded the SBA Section 7(a) loan program, also referred to as the Paycheck Protection Program (PPP), which aims to support small businesses. We are encouraging our small business borrowers affected by COVID-19 to apply for a loan with DCCU under this new program.
Visit the U.S. Department of the Treasury website for details regarding assistance for small businesses that can benefit from the Paycheck Protection Program.
- Program overview
- Borrower information
- Borrower Application Form
PPP Loan Forgiveness
The Small Business Administration (SBA) recently revised their loan forgiveness guidelines and the loan forgiveness application. Borrowers may now extend the amount of time in which to spend their PPP loan funds and to apply for forgiveness.
Visit the SBA’s PPP website for more detailed information on forms, requirements, conditions and deadlines: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
DCCU will begin accepting applications for loan forgiveness on August 10, 2020. The earliest you may apply for loan forgiveness is at the end of the covered period (8-weeks or 24-weeks, depending on when you received your loan), and up to 10-months after the covered period ends.
DCCU will post updates here as released by the SBA. When planning your forgiveness application timeline, keep in mind that DCCU has up to 60 days to process your request and the SBA has up to 90 days to approve DCCU’s recommendation.
Pending legislation may bring additional changes to the loan forgiveness process. Please consult your tax advisor, legal counsel or a bookkeeping service to assist your business if necessary.
Additional SBA Resources
In addition to traditional Small Business Administration (SBA) funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. To learn more about what the SBA has available visit their Coronavirus Relief Options webpage.