Paycheck Protection Program
The PPP Program Is Now Closed. No new applications are being accepted. See below for information on use of funds and forgiveness.
Small Business Administration Paycheck Protection Program
The Paycheck Protection Program (PPP) was established as part of the CARES Act in response to the economic impact of the COVID-19 pandemic
What can I use the funds for?
The proceeds of a PPP loan are to be used for:
- Payroll costs
- Costs related to the continuation of benefit programs1
- Mortgage interest payments (but not mortgage prepayments or principal payments)
- Rent payments and utility payments
- Interest payments on any other debt obligations that were incurred before February 15, 2020
- Refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020
- Covered operations expenditures, such as (but not limited to) business software or cloud computing service that facilitates business operations, product or service delivery, payroll processing, sales and billing functions, or accounting / tracking of supplies, inventory, records and expenses
- Covered property damage costs
- Covered worker protection expenditures (e.g., PPE, adaptation to comply with DHS, CDC, OSHA or state and local ordinances relative to COVID-19 protections)
- At least 60 percent of the PPP loan proceeds shall be used for payroll costs
What is the process for Loan Forgiveness?
Applications for forgiveness for PPP Loans up to $150,000 have been simplified. Small Businesses should be prepared to provide:
- A description of the number of employees you were able to retain because of the PPP loan
- The estimated amount of the loan spent of payroll, and the total loan amount
- Attestation that you accurately provided the information, complied with all PPP requirements
- Records proving compliance with the Program will need to be retained for up to four years
Our Members make the difference.
Member Since 2004
"What has the CU done for and meant to me? How about warmth and security? When I joined I felt, and still feel, that the diversity of the neighborhood is well represented both by the CU's members and its employees. As welcoming as the staff is, I had no problem following when the building on Gregory St became its new home. The loyalty I felt to Genesee Co-op FCU at that time has been validated by an incident in May 2009. One of my checks was presented to the teller, unsigned, for a large amount. When that individual came back with same check supposedly signed by me, the CU refused to cash it, because the staff recognized the signature as forged. I got to see how the sense of kinship the CU propagates, plays out in order to safeguard its members. Thank you, team."