PPP Loan Update - Application deadline extended to May 31, 2021. Get details.

2021 PPP Loans Still Available - Changes Announced

February 24, 2021

The Credit Union continues to offer PPP loans to qualified members. Recently, the following changes to SBA's coronavirus relief programs were announced as a way to ensure equity:

  1. On Wednesday, February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan application period for businesses and non-profits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will have plenty of time to apply for and receive support before the program expires on March 31, 2021.
  2. The SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, the SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. The SBA will:
    • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
    • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal; 
    • Eliminate PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP; and
    • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

To learn more about how to apply at SCCCU, click here, or give us a call at 831-425-7708. 
 

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