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Paycheck Protection Program Applications Now Available

First Alliance Credit Union is currently accepting and processing Paycheck Protection Program first draw and second draw applications for our members. To begin the application process for this program complete the form on this page and your application documents will be emailed to you immediately, along with any additional instructions. Applications for the program will be accepted through May 31, 2021.

Paycheck Protection Program Details:

The 2021 Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020. The CAA provided the funding needed reopened the Paycheck Protection Program (PPP). This $284-billion program is intended to provide small businesses with 8 to 24 weeks of financial assistance through 100% federally guaranteed loans. 

The Paycheck Protection Program (PPP) is open to new qualifying borrowers of “First Draw” PPP loans, provides opportunities for certain borrowers of existing PPP loans to increase their First Draw loan, and create an opportunity for certain businesses to obtain a “Second Draw” PPP loan.

Important Paycheck Protection Program Updates to Know:

  • You can now set your PPP loan’s covered period to be any length between 8 and 24 weeks to best meet your business needs 
  • Your PPP loan will be able to cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
  • Program’s eligibility has expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations.
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount. 
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan (see below).
  • Schedule C Filers (Sole Proprietors, Independent Contractors, Self-Employed) can now apply using gross income.

You maybe eligible for a Second Draw PPP Loan if:

  • You have previously received a First Draw PPP Loan AND you will or have used the full amount for authorized uses.
  • You have 300 employees or fewer.
  • And you can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Additional details about applying for PPP loan forgiveness will be sent to you in the coming weeks after your application has been accepted by the SBA.

The Paycheck Protection Program is being administered by the Small Business Administration (SBA), however small business must apply at through a qualified financial institution, like First Alliance Credit Union. If you are not yet a member of First Alliance Credit Union you will need to apply for a business membership before we can process your application for this program. 

We're here to help you and your business through this difficult time. For questions about this program or other relief options for your business, please call our dedicated team at 507-288-0330 or email commercial@firstalliancecu.com. 

Start Your Application Now

Access Your Paycheck Protection Program Application