A new round of federal funding is expected to be made available this week to small business owners. TruEnergy FCU is reaching out to its members to find eligible small businesses to apply for the federal Payroll Protection Program (PPP). Go to our website for applications details. https://Truenergy.ppp-apply.com
Loans can be made to small businesses (under 500 employees) and will be forgiven if certain criteria are met. The amount of the loan will be based on “payroll costs,” which include wages up to $100,000 per employee (annualized), health insurance costs, employer covered 401k costs, and even some subcontractor costs. Owners that are paid W2 wages are included in this calculation (but capped at $100,000, just like all others).
The fund can provide loans of up to $10 million, with a maximum loan equal to 250% (two and a half times) of your average monthly payroll costs (companies with seasonal employees can apply as well, with slightly different stipulations). Any amount not forgiven will be repaid over 24 months and at an annual interest rate of 1%, with no principal payments required for six months. There will be no personal guarantees, no collateral required, and no origination fees.
Your next step is to apply through TruEnergy FCU at https://Truenergy.ppp-apply.com as soon as possible!