ACFCU is now accepting Paycheck Protection Program (PPP) applications from eligible self-employed individuals and businesses. Effective immediately, the SBA is now allowing new PPP applicants who are sole proprietors, Independent Contractors, and Self-Employed Individuals to use their IRS Form 1040 Schedule C Gross Income to calculate their eligible PPP loan amount.
The SBA has released new application forms that all borrowers must now use when applying for a PPP loan. Applications with instructions are in the PPP Resources section below. These forms are the most up-to-date drafts available from the SBA but may be subject to change. Applications should be emailed to email@example.com and a member of our business lending team will follow up with you.
The deadline for PPP applications has been extended to May 31,2021.
Eligible self-employed individuals and businesses with 500 or fewer employees who did not previously receive a PPP loan may apply for a PPP loan (subject to all other applicable application requirements and program rules).
Previous recipients of PPP loans will be eligible for a second loan if, among other requirements, they:
ACFCU is asking applicants who already received a PPP loan in 2020 to take part in the forgiveness application process for that loan as they apply for a second PPP loan. This may help ensure forgiveness of both PPP loans by the SBA.
If you have a first round PPP Loan that was funded in 2020 for an amount under $150,000, please complete the New Abbreviated Loan Forgiveness Application as soon as possible. You can access the form through our online Forgiveness Portal. If you never received a link to the Forgiveness Portal or have issues accessing it, please send an email to our team at firstname.lastname@example.org. If you have any questions, you are welcome to submit them to that email address.
When going through the portal, please keep in mind the following:
Membership and eligibility requirements apply.