Month: May, 2021

Payroll Protection Program

Wednesday, May 5, 2021

IMPORTANT UPDATE: As of May 5th, 2021 all remaining PPP loan funds have been exhausted and the current application period has been closed.

 

If you are a small business owner, sole proprietor, independent contractor, or self-employed individual and haven't looked into the SBA's Payroll Protection Program - you certainly should!

This generous federal stimulus program provides 2.5 months of payroll costs to small businesses in the form of a 100% forgivable SBA guaranteed loan. Self-employed individuals are considered "employees" of their businesses and may use their business' annual gross income as their "payroll costs" for the year.

You can access a top-line overview of the program here:

https://www.sba.gov/document/support-top-line-overview-first-draw-ppp

The following link will take you to the current application form:

https://www.sba.gov/document/sba-form-2483-ppp-first-draw-borrower-application-form

 

We’ve helped dozens of local small businesses and self-employed individuals get their share of the nearly $800 billion which have been allocated for this program. Give us a call if you have questions or are interested in applying and we’ll be happy to help walk you through the process.

If you want to read more, there are FAQs and lots more information available at the link below:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans

The application period for this round of funding ends on May 31st or when the funding runs out – so don’t delay, apply today!


Visit Sallie Mae's website to learn more about financing your education.

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This Credit Union is federally insured by the National Credit Union Administration. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. © Copyright 2021
Vermillion Federal Credit Union

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