Paycheck Protection Program
Small Business Administration Paycheck Protection Program
Yes we offer PPP loans! For more information on getting a PPP Loan from us, contact or 585-461-2230.
The Paycheck Protection Program (PPP) was established as part of the CARES Act in response to the economic impact of the COVID-19 pandemic
Congress approved another $284 billion in funding for these loans in the stimulus bill enacted December 27, 2020. Deadline for application:
Members: May 26, 2021
Non-members: May 21, 2021 (must become a member in order to apply)
- Loans can be used to help fund payroll costs, including benefits
- Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, and other expenses for operations
- Eligible borrowers qualify for full loan forgiveness
- No personal guaranty or collateral required
- 1% interest rate
- No fees charged to borrower
- Sole Proprietors and Independent Contractors can noe use gross revenue instead of net revenue to calculate loan amount.
- Certain qualifying PPP borrowers are able to obtain a forgivable “second draw” PPP loan
- Expanded Eligibility to include additional organizations, and certain entities who are involved in bankruptcy proceedings
- Expanded Forgiveable Expenditures
- Simplified forgiveness process for PPP loans of $150,000 or less
Who’s Eligible for PPP Loans?
- Have 500 or fewer employees
- Nonprofits, veterans’ organizations, tribal concerns
- Self-employed individuals, sole proprietorships, and independent contractor
- Housing cooperatives
- 501(c)(6) organizations
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
Generally, an applicant should be prepared to submit the following information:
I am self-employed AND I have no employees…
I am self-employed AND I have employees…
I’m not self-employed…
First- and Second-Draw Loans
I am first-time borrower…
I have a PPP loan, but am interested in a second-draw loan…
Can I modify or increase my current PPP loan…
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 1982
Alison is credited with inspiring the founder of Genesee Co-op FCU, David Knoll, to become an organizer of the credit union. According to David, "Alison said to me 'You need to start a credit union!' With the information and contacts she provided me, I worked to get Genesee Co-op FCU going." THANK YOU ALISON!!
"I was an early joiner. I'm supporting what I believe."