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Current EECU Paycheck Protection Program (PPP) Loan Holders
We have begun accepting applications for Paycheck Protection Program Second Draw Loans for existing EECU PPP loan holders.* All prior PPP borrowers will receive an email with an invitation to apply via our online application portal. We will only be accepting applications submitted through the portal, and this process will continue over the coming weeks.

 

New Paycheck Protection Program Requests
EECU has engaged with Newtek**, an experienced third-party, to process the PPP loan application requests. Newtek will process all new requests and applications on a first-come, first-served basis.

Click the button below to register with Newtek’s referral system. Once you register, Newtek will send you the application and allow you to upload all required documentation through their secure portal.

Starting this process does not constitute an application. All applications are subject to underwriting and will be underwritten in accordance with SBA guidelines. For more information, visit the SBA's Coronavirus Small Business Guidance & Loan Resources page.

 

Start Your PPP Request With Newtek
Do not click on this button if you
already have a PPP loan with EECU!

Paycheck Protection Program Second Draw Loan Details
A COVID-19 relief bill, with a new round of funding for Paycheck Protection Program (PPP) loans, was signed into law on December 27, 2020. Below are a few highlights.

Eligibility requirements:
  • Businesses must be able to demonstrate a revenue reduction of 25% or greater in 2020 relative to 2019 to be eligible.
  • Businesses can apply for a second PPP loan if they have used, or will use, the full amount of their First Draw PPP loan on or before the expected date on which the Second Draw PPP loan is disbursed.
  • Only businesses with 300 or fewer employees may apply.
  • The last day to apply for and receive a PPP loan is March 31, 2021.
The legislation also includes changes that may make it easier for current PPP borrowers to request forgiveness, especially for Members with loans of $150,000 or less. As soon as the SBA finalizes the new streamlined forgiveness guidelines, we will update this page with any changes.

 

Current PPP Loan Forgiveness

We have begun sending emails out inviting our members to request PPP loan forgiveness, starting with those who received PPP funds first. This process will continue over the coming months. You will receive a courtesy email from one of our team members notifying you when the invitation has been sent. We will ensure that you have a reasonable amount of time to complete the application process prior to the maturity date of your PPP loan. We are utilizing an online forgiveness questionnaire process that will offer a quick and simple way to apply.

As a reminder, here is a checklist of items and information that you should be prepared to provide:

  • The email address used on your Borrower PPP Application
  • Your SBA PPP Loan Number - this can be found within your executed loan documents
  • Your Business TIN (EIN or SSN)
  • Documentation to support the use of loan proceeds for eligible payroll and non-payroll costs

Below is a link that provides some additional information on the forgiveness:

Loan Forgiveness Information

 

The information contained on this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business Administration (SBA). We will periodically update this information, so please check back often. Bookmark this page for easy reference in the future. In the event of any discrepancies between the information on this site and the SBA’s website, please follow the official SBA guidance. PPP Rules and Regulations shall control any PPP Loan.

* EECU reserves the right to terminate its participation in the PPP Program at any time and without advance notice.

** Newtek Business Services Corp. is a seperate legal entity from EECU.

 

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