Note: UFCU will participate in Round two of the PPP program.

Paycheck Protection Program (PPP) Round Two

Under the Economic Aid Act, the Paycheck Protection Program1 was reinstated and will be in place until March 31, 2021. Eligible businesses will be able to apply for their first PPP loan or for a 2nd draw for their existing PPP loan.

We are actively preparing to help our small business Members who qualify to participate in this program, and we will assist Members with applications. Please be patient.

Please stay tuned to this page for the latest details..

Here is what you can expect:

  • To ensure the best possible service, we intend to accept applications from applicants who established membership with UFCU on or before January 6, 2021 and remain in good standing.
  • We will provide an online application process as soon as possible via this web page no sooner than January 20, 2021. Applications will be processed on a first-come, first-served basis. Paper applications will not be accepted at any time.
  • At this time, we have no plans to establish a waiting list, nor can we accept applications until such time that we launch our online application process. Thank you for your patience as we work diligently to implement this important program.

Has Your Business Previously Received PPP Loan Funds?

No. This is my first-draw PPP loan.

  • Loan Terms

    • Loan maturity: 5 years
    • Interest rate: 1%
    • Collateral: N/A
    • Guarantor: N/A
  • Eligibility Requirements

    • Business must be in operation as of 2/15/20
    • Maximum number of employees: 500
    • Loan amount: up to $10,000,000
    • Loan calculation:
      • Average monthly payroll * 2.5
      • Payroll can be for 2019 or 2020
      • Wages are capped at $100,000 per employee
  • Full Forgiveness Terms

    First-Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

    • Employee and compensation levels are maintained;
    • The loan proceeds are spent on payroll costs and other eligible expenses; and
    • At least 60% of the proceeds are spent on payroll costs.

Yes. This is my second-draw PPP loan.

  • Loan Terms

    • Loan maturity: 5 years
    • Interest rate: 1%
    • Collateral: N/A
    • Guarantor: N/A
  • Eligibility Requirements

    • Business must be in operation as of 2/15/20
    • 1st PPP loan funds have been used or will be used, in the full amount of the First Draw PPP loan on or before the expected date on the funding of the 2nd loan.
    • Business must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. A borrower must calculate this revenue reduction by comparing the borrower’s quarterly gross receipts for one quarter in 2020 with the borrower’s gross receipts for the corresponding quarter of 2019 (Can also be on an annual basis for businesses in operation for the full year and can provide tax returns substantiating the revenue decline)
    • Maximum number of employees: 300
    • Loan amount: up to $2,000,000
    • Loan calculation: **
      • Average monthly payroll * 2.5
      • ** For businesses in the Accommodation & Food Services section, with a NAICS code beginning with 72, average monthly payroll will be multiplied by 3.5
      • Payroll can be for 2019 or 2020
      • Wages are capped at $100,000 per employee
  • Full Forgiveness Terms

    Second-Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

    • Employee and compensation levels are maintained in the same manner as required for the First-Draw PPP Loan;
    • The loan proceeds are spent on payroll costs and other eligible expenses; and
    • At least 60% of the proceeds are spent on payroll costs.

What can you do to prepare?

Stay informed. Check this page often. Also know that the US SBA provides guidance and loan resources and the US Treasury offers additional assistance for small businesses. Consult these valuable resources for the latest details.

This year has been difficult for many small businesses and individuals. We are eager to assist you as soon as we are able. Thank you for your patience and your membership.


1 The US Small Business Administration, in consultation with the US Treasury Department, opened the PPP loan portal on Monday, January 11, 2021. It will initially accept First-Draw PPP loan applications from participating Community Financial Institutions. The opening of the SBA loan system is designed to efficiently and effectively implement the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and to ensure increased access to the PPP for minority-, underserved-, veteran- and women-owned small business concerns. SBA also is calling upon its lending partners to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities.