When COVID-19 struck, many of us were not prepared for the massive amount of change that would take place almost immediately. Within a few weeks, businesses were ordered to shut down, and our community was asked to “Shelter-in-Place.”
During this time, the Paycheck Protection Program loan was developed quickly by the government and administered through the SBA. The program is a stimulus package designed to help companies retain workers by covering eight weeks of payroll plus some other costs of remaining in business. Additionally, this loan is 100% forgivable if companies follow the SBA guidelines of the PPP loan.
“The Credit Union was able to immediately help businesses in our community with this stimulus package,” stated Beth Carr, President/CEO of SCCCU. “We funded just under $12 million in loans, which has helped save 1,400 jobs in our community. We recognize this is a difficult time for so many, and we’re glad we’ve been able to provide the financial help so many have needed.”
As we continue through this pandemic, our focus will be to find ways to help you with the financial issues that matter most to you. For our business members, be sure you take a look at the different products and services available through the Credit Union:
If you did not qualify for a PPP loan, or you were unable to apply due to a shortage of government funds, there are still other programs available that may assist you, or you can apply for an SCCCU business loan. If you have questions about your circumstances, please give us a call at 831-425-7708.
We’ll be happy to answer your questions and find the right solution for your needs.