Vermont Businesses can now apply for a Payroll Protection SBA Loan via VSECU

 

The Paycheck Protection Program (PPP)

A SBA incentive included in the $349 billion loan program created to support small businesses and make sure employees continue to receive an income. Loans will be fully forgiven at the time the loan is due if most of the funds are used to keep people on payroll and to pay for interest on mortgages, rent, and utilities so that you can keep your business running through June 30, 2020. If the funds are used for other purposes, the loan has a maturity of two years and an interest rate of 0.5%. This is a federally-guaranteed loan and it does not require collateral or a personal guarantee.

 

Who is Eligible? Small businesses with fewer than 500 employees, including sole proprietors and independent contractors or businesses that meet SBA employee size standards.

 

Applications will be accepted as of April 3—We are a certified SBA lender, so you should apply directly with us at VSECU so that we can disburse your funds directly to you. You can start preparing now by collecting the necessary information on this sample loan application, including profit and loss statements, payroll information, tax returns, mortgage or rent statements, and utility statements.

 

You do not have to be a VSECU member to apply through us.

 

Email us at businesshelpcovid@vsecu.com now to submit your interest in this program so that we can begin preparing for your business needs and help you take advantage of available funds.

 

Learn about other resources through VSECU here.