As part of its commitment to fighting for its Members and the communities it serves, Frontwave Credit Union announced today that it has been approved by the Small Business Administration (SBA) to accept applications for the Paycheck Protection Program (PPP).
The Paycheck Protection Program, backed by the U.S. Small Business Administration, is a loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll. After running out of funds in its initial two weeks, the program was reauthorized and relaunched on Monday, April 27, to provide an additional $310 billion in loans to small businesses nationwide. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
“We’ve always been inspired by the pull-yourself-up-by-the-bootstraps passion of small business owners. They’re the backbone of our community. And we know that times are especially tough for them right now,” said Bill Birnie, President/CEO of Frontwave Credit Union. “Even though we have not been an SBA lender, we applied to participate in the Paycheck Protection Program because we wanted to make sure we’re doing everything we can to help local small businesses survive this crisis, and even thrive once it’s passed.”
Frontwave is committed to helping Members find solutions that will help them stay financially stable during this uncertain time. In addition to Paycheck Protection Program loans, the credit union is also offering personal financial assistance loans, loan extensions and skip-a-payment options. Any affected Members are encouraged to visit frontwavecu.com/wecare or call 800.736.4500 to learn more.