What is It?
The Paycheck Protection Program is a Small Business Administration (SBA) Loan to help small businesses who have been adversely affected by the COVID-19 pandemic by providing an incentive to keep workers on their payroll during the crisis.
Information & Resources
- The SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources
- The SBA’s Paycheck Protection Program Page
- The U.S. Chamber of Commerce Coronavirus Emergency Loans Small Business Guide & Checklist
Which Businesses Qualify?
According to the Small Business Administration, the following entities may be eligible for a PPP loan:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees, or that meets the SBA industry size standard if more than 500
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Sole proprietors, independent contractors, and self-employed persons
Can Red Canoe Credit Union Help?
Red Canoe Credit Union is an authorized Paycheck Protection Program lender with the SBA, and we’re ready to help our business members.
Due to the incredibly high volume of applications, we are only accepting online requests from our current Business Account Members (with accounts opened prior to March 27, 2020) who meet the SBA’s eligibility requirements.
If you’re interested in applying for a PPP loan through Red Canoe, please complete the contact form below and we’ll be in contact with you to help you with next steps.