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Credit Union News
Updated 5/27/2020
COVID-19 (coronavirus) PPP Loans
All information found on this webpage has been supplied by the U.S. Small Business Administration effective 5/1/2020. Information on this page is not guaranteed to be the most current guidance on PPP Loans. Visit the U.S. Small Business Administration website for the most up-to-date information.
- What is the Paycheck Protection Program?
- Who can apply for PPP Loans?
- Will my PPP Loan be forgiven?
- How can I apply for a PPP Loan?
- Resources for PPP Loan applications
- How do I apply for membership?
- Who can I contact at MCWV with questions regarding PPP Loans?
- PPP Loan Testimonial
- Where can I find additional information on the coronavirus?
What is the Paycheck Protection Program?
The Paycheck Protection Program (PPP Loans) is an SBA loan designed to provide a direct incentive for small businesses to keep their workforce employed during the COVID-19 (coronavirus) crisis.
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.
You can apply through Members Choice WV FCU, who is an existing SBA 7(a) lender.
Who can apply for PPP Loans?
MCWV will accept completed applications from:
- Our current small business account members
- Small businesses who are not yet business account members with us.
NOTE: Non-members will be required to also complete the membership application process if their PPP loan is approved to be submitted.
The following entities affected by COVID-19 (coronavirus) may be eligible:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or that meets the SBA industry size standard if more than 500
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Sole proprietors, independent contractors, and self-employed persons
Will my PPP Loan be forgiven?
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll).
Loan payments will also be deferred for six months. Interest will accrue during this time.
No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1% Annual Percentage Rate (APR).
How can I apply for a PPP Loan?
Members Choice WV FCU requires the following to be completed in order for the credit union to consider the submission of a PPP Loan application:
Email all completed and necessary supporting documents to: wburch@memberschoicewv.com
NOTE: Non-members will be required to also complete the membership application process if their PPP loan is approved to be submitted.
Resources for PPP Loan applications
How to Calculate Maximum Loan Amounts – By Business Type
PPP Loans Frequently Asked Questions (FAQs) – 4/29/20
How do I apply for membership?
Non-members applying for a PPP Loan must first submit all the items required by MCWV in order for the credit union to consider the submission of a PPP Loan application.
If your application is approved to be submitted, you will be contacted to complete the membership process.
For general questions regarding membership, email: admin@memberschoicewv.com
PPP Loan Testimonial
Thank you to our business member Brent Hoel of WV Auto for sitting with us for a video testimonial on his business’ PPP Loan. Your insight has provided a better understanding of how the Paycheck Protection Program has helped your small business and employees. View WV Auto’s PPP Loan Testimonial on Facebook.
Who can I contact at MCWV with questions regarding PPP Loans?
For help with the items required to complete a PPP Loan application, email: wburch@memberschoicewv.com
For membership questions regarding PPP Loans, email: afriel@memberschoicewv.com
Where can I find additional information on the coronavirus?
Many resources are available on our COVID-19 (coronavirus) webpage.
