SBA Paycheck Protection Program as of 4/24/2020
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the U.S. Small Business Administration added the “Paycheck Protection Program” to their loan program. The program is intended to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease 2019 (COVID-19) Emergency Declaration issued on March 13, 2020.
WHAT YOU NEED TO KNOW
As of April 24, 2020, Congress has approved an additional $310 Billion in relief funds to be administered through the SBA Paycheck Protection Program. SLFCU is accepting new applications for this program in addition to working on applications which were submitted through the last round of funding. While we will work to include as many eligible SLFCU Business members as possible in this program, it is important that members understand that applications do not guarantee a loan, as there is a limited amount of funds available for this program. We urge all members to investigate all other financial institutions, in addition to business assistance programs through local, state and national agencies.
This application is exclusively for the Paycheck Protection Program. If you wish to apply for the U.S. Small Business Administration – Economic Injury Disaster Program (EIDL), please note its application process is facilitated only through the SBA. Business owners must contact the SBA directly to apply. For more information on the EIDL program, see the helpful links below.
Please Note: To help us work as efficiently as possible, please do not call our contact center seeking more information. Our lenders will contact members as they work through the applications.
ELIGIBLE TO APPLY THROUGH SLFCU
Only current SLFCU Business members (as of April 2, 2020) are eligible to apply for the program through SLFCU. Members wishing to apply must read the SBA Rules for Borrowers first.
- Only loan applications of $5,000 or more may be requested.
- Self-employed members and independent contractors cannot apply until April 10, 2020.
NOT ELIGIBLE TO APPLY THROUGH SLFCU
- Retail (personal banking) members
- Non-SLFCU members
- For a list of other participating financial institutions in NM, click here. Or, search on sba.gov.
NEXT STEPS FOR ELIGIBLE SLFCU BUSINESS MEMBERS
You must be enrolled in SLFCU’s online banking platform to submit your application. Enrollment is easy and a few steps away. Note: All applications must be submitted online. Paper applications will not be accepted.
- If your business is a sole proprietorship or LLC using a social security number, please enroll in personal online banking.
- If your business has an EIN, please enroll in business online banking.
- To learn more about SLFCU online banking, click here.
AFTER YOU HAVE ENROLLED IN ONLINE BANKING
- Download and complete this application.
- Once your application is complete, print, sign, and date all applicable areas. We must have original signatures to process the application. Electronic signatures cannot be accepted. Click here to view all areas that must have original initials or signature.
- Log in to online banking.
- Go to the Message Center in online banking by clicking the down arrow to the right of your username and choose Messages. You can find your username in the upper right corner of the screen.
- Choose Compose to initiate a new message.
- In the subject, select Submit SBA Paycheck Protection Program from the drop-down menu.
- Click on Attach Files to upload your completed application (previously downloaded from this page) and all supporting documents. You must attach your application, payroll records, and calculation of the loan amount requested. Examples of how to calculate the amount can be found on pages 8-10 of the SBA Rules for Borrowers.
SLFCU Business Services will contact you as soon as possible to advise you on the status of your application.
It is our intention to be transparent with all members during this difficult time. While we will work to include as many eligible SLFCU Business members as possible in this program, it is important that members understand that applications do not guarantee a loan, as there is a limited amount of funds available for this program. As our nation and community faces a rare once-in-a-lifetime challenge, it is important that aid and funds reach businesses in true, critical need. We urge all members to investigate all other financial institutions as well as business assistance programs through local, state and national agencies in the links below.
Thank you for your patience and trust in Sandia Laboratory Federal Credit Union.
U.S. Small Business Administration - Economic Injury Disaster Program (EIDL)
- Online application
- Assistance for applying and new account signup (from the New Mexico Small Business Development Network)
- EIDL Fact Sheet
- Small Business Owner’s Guide to the CARES Act (from the New Mexico Economic Development Department)
- Full terms and guidelines from the SBA