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New Paycheck Protection Program


SCCU is now accepting both *First Draw and **Second Draw PPP loan applications. The application will be live through March 31, 2021.

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For information regarding the new Paycheck Protection Program, the SBA website is your best source of information.

*First Draw loans are for businesses who did not receive a PPP loan the first round.
**Second Draw loans are for businesses who are applying for a second PPP loan.

Significant Updates for the New PPP Loan

 
  • PPP loans can have a covered period length between 8 and 24 weeks.
  • PPP loans will now cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
  • Eligibility is expanded to include 501(c)(6), housing cooperatives, direct marketing organizations, among other types of entities.
  • 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.

Second Draw PPP Loan Eligibility

Second Draw PPP loans are for businesses who are applying for a second PPP loan. Your business may be eligible if it meets the following criteria.
 
  • Your business has already received a First Draw PPP Loan with the initial PPP and has or will use the full amount for authorized uses only.
  • Your business has no more than 300 employees.
  • Your business can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

PPP Loan Forgiveness for Existing Loans

For members  with existing PPP loans, you may apply for forgiveness. SCCU is accepting applications for existing PPP Loan Forgiveness. Apply using our PPP Loan Forgiveness portal.


PPP Loan Forgiveness FAQs

We understand that the forgiveness portion of the Paycheck Protection Program (PPP) loan process can be confusing. To quickly find answers to some of the most common questions surrounding PPP forgiveness, our Business Members can view the Small Business Administration’s Frequently Asked Questions for Loan Forgiveness.


EIDL Advance Forgiveness

Under the new COVID-19 relief bill, passed December 2020, borrowers who have already applied for and received PPP Forgiveness may be able to have their EIDL Advance forgiven. Currently, the Small Business Administration (SBA) has not released new PPP Forgiveness guidelines for borrowers who have already applied for and received PPP loan forgiveness. Once information is available, Space Coast Credit Union will work as quickly as possible with the SBA to process your EIDL Advance forgiveness.