Thank you for looking into SAFE Credit Union assisting you with the Paycheck Protection Program (PPP) Loan.
At this time, SAFE encourages businesses who do not have a current business banking relationship with us to go to their primary business banking financial institution. They will have the most up-to-date information about your business on hand to help expedite the application process.
Please see our FAQ about the PPP loan process for more.
SAFE is assisting our current Business Banking members at this time with PPP loans. To determine whether you are a current Business Banking member, you must currently have with SAFE:
Businesses, nonprofits, self-employed individuals, sole proprietorships, veterans organizations, and tribal businesses with fewer than 500 employees may apply for the loan.
The program guidelines require lenders to comply with eligibility standards and Bank Secrecy Act (BSA) requirements that must be followed in order for your financial institution to receive the loan guarantee. Lenders can speed up the process by focusing resources to support current business members who have already met the BSA requirements and have an established history with the financial institution. This is why financial institutions are focusing their efforts on supporting their existing customers.
There are multiple options available for businesses that don't require working through a lender. Please note each has a unique submission process and requirements.
The SBA is offering its Economic Injury Disaster Loans and loan advances to help businesses coping with losses due to COVID-19.
These low-interest loans provide up to $2 million in working capital to businesses experiencing a temporary loss of revenue. They can be used for fixed debts, payroll, and other bills that can’t be paid because of COVID-19.
Businesses who apply for an Economic Injury Disaster Loan can request a $10,000 advance that can be issued quickly to help address expenses during the loan approval process. The advance is available to you even if your loan is still pending or declined. The advance is also forgivable.
Repayment terms can be up to 30 years, with interest rates of 3.75% for businesses and 2.75% for nonprofits.
Businesses apply directly to the SBA for Economic Injury Disaster Loans. Apply now >
The SBA is also offering SBA debt relief, express bridge loans, and other assistance for businesses. Learn more >
Gov. Gavin Newsom announced the state is putting $50 million toward a new “microlending” program through the California Infrastructure Economic Development Bank, or the IBank. The program is aimed at businesses that might not be eligible for Small Business Administration loans or the U.S. Treasury Department's new Paycheck Protection Program.
Applications for California's new program are available through the state's coronavirus portal here: https://covid19.ca.gov/