Update on applications for Paycheck Protection Program (PPP) loans.
Arlington Community Federal Credit Union is an approved SBA 7 (A) lender and proud to serve our local business community in this capacity. We are currently accepting PPP applications from existing members. The application deadline for the PPP Loan program is August 8, 2020.
The federal government's Coronavirus Aid, Relief and Economic Security Act (CARES) Act offers relief to small businesses impacted by coronavirus.
Our Commercial Banking team has been hard at work to keep up to date on the developing information and to find solutions to support our local businesses. Key features of this bill are:
Economic Injury Disaster Loan: Loans of up to $2 million are available for small businesses to recover from temporary losses including losses they are experiencing due to the COVID-19 outbreak. These loans are not forgivable and are available to pay fixed debts, payroll, accounts payable, and other bills that cannot be otherwise paid. This is being offered directly through the SBA and you can learn more and apply here. We’ve provided details on this program here.
Paycheck Protection Program: The program provides cash-flow assistance to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven. This is being offered by financial institutions, including ACFCU. We’ve provided details on this program here.
Joining Arlington Community Federal Credit Union
Businesses that apply for loans with ACFCU must also become members of the credit union, a member-owned financial cooperative. You can learn more about the qualifications by visiting our Business Membership page.
Arlington Economic Development’s BizLaunch program offers business counseling and educational resources to help businesses navigate and innovate during the pandemic. You can access these resources on their website here.
The Arlington Chamber of Commerce has a COVID-19 Resource Page for businesses here.
Arlington County Government has compiled updated resources for responding to COVID-19 on their website here.