Paycheck Protection Program

Deadline to apply: March 31, 2021

The PPP is a loan program managed by the Small Business Administration (SBA) and enables certain lenders to distribute PPP loans on behalf of the SBA to small businesses.

Loan Details:

  • PPP loans have an interest rate of 1%.

  • Maturity of 5 years.

  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).

  • No collateral or personal guarantees are required.

  • Neither the government nor lenders will charge small businesses any fees.

Existing PPP Borrowers include:

  • Having a PPP Loan from Inland Valley FCU
  • Having a PPP Loan from another institution (must open an account with Inland Valley FCU)

Any additional questions, email ops@ivfcu.org and a team member will respond within 24 hours.

Eligibilty Information:

First Draw Applications:

  • Less than 500 employees

  • Operational before February 15, 2020 and remains operational

Who can Apply:

  • Business entities (partnerships, corporations, LCCs)

  • Sole proprietors, independent contractors, self-employed individuals

  • 501(c)(3)

  • 501(c)(6)

  • 501(c)(19) Veterans organization

  • Tribal business

  • Housing cooperatives, destination marketing organizations, and eligible news organizations

Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

**Before applying for a PPP Loan, one must open a new business account at Inland Valley FCU.**

Second Draw Applications:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses

  • Has no more than 300 employees

  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters

  • Operational before February 15, 2020 and remains operational

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

For more information contact us at 909-822-1810 or email us at ops@ivfcu.org.