Important Updates Regarding the Paycheck Protection Program as of 05/12/2021
Since April 2020, SLFCU has worked to support small businesses through the Small Business Administration (SBA) Paycheck Protection Program. We honor the critical role that our business and commercial members play in our local and national economies, and are honored to have walked with them every step of the way for the last year.
SLFCU received notice on May 5, 2021 that the Paycheck Protection Program officially ran out of funds. Only Community Development Financial Institutions (CDFI’s) still have funding set aside for use. We are uncertain how long these funds will last. Please follow this link to locate a CDFI that may be able to assist you with a PPP loan.
Below are additional resources provided by parties outside of SLFCU for your exploration:
- SBA EIDL Loan
- Shuttered Venue Operators Grant
- Restaurant Revitalization Fund
- SCORE Small Business COVID-19 Resources
- SBDC Help for Small Businesses
- Veterans Business Outreach Center
- California Governor’s Office of Business and Economic Development
WHAT YOU NEED TO KNOW IF YOU ALREADY HAVE A PPP LOAN
SLFCU will begin accepting and submitting Round 2 PPP Loan Forgiveness applications on Monday, May 17th, 2021. To apply, please complete this application then log in to SLFCU online or mobile banking and submit your application using the Secure Messaging widget. Click here to learn more.
The following are three separate Loan Forgiveness applications. Please choose the form which best fits your borrowing situation.
- Form 3508 S - PPP for loans of $150,000 or less.
- Form 3508 EZ - PPP for loans of $150,000 or more. (Must be able to affirm that borrower did not reduce the annual salary/wages of any employee by more than 25%.)
- Form 3508 for loans of $150,000 or more and cannot meet criteria for application above.
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