Just 1% APR for the entire life of your Paycheck Protection Program loan.
For qualified loan uses like payroll, mortgage interest, rent, and utilities.
Payments deferred for the first 6 months. Interest will accrue during this time.
Spread out payments over a five-year term to make your loan even more affordable.
To qualify for a PPP loan, your business needs to meet the following criteria:
And certify that:
If you own a restaurant, hotel, or live venue that falls under a NAICS code starting with “72,” you can apply for 3.5 times your monthly payroll costs for your Second Draw.
The date you started your business
You need to have been in business on February 15, 2020
Documentation verifying your average monthly payroll costs
Payroll costs include salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee).
Employee benefits including costs for vacation, parental, family, medical, or sick leave; an allowance for separation or dismissal.
Payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit.
State and local taxes assessed on compensation.
For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each
You may be eligible to have all or a portion of the loan principal and interest forgiven if you use the funds for certain qualifying costs incurred and payments made for payroll, mortgage interest, rent and utilities during the first eight weeks following the date the loan is made. You will have to provide documentation.
Because the SBA expects a high number of applicants for PPP loans, no more than 40% of the forgiven amount can be for non-payroll costs (i.e., mortgage interest, rent, and utilities). If your business has laid off employees, that will also affect how much your loan can be forgiven. The total effect on your PPP loan’s forgiveness-eligibility depends on a calculation that your funding manager can walk you through to give you the specific answer for your business.
Small businesses with 500 or fewer employees whose principal place of residence is in the United States–including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors–are eligible. Businesses with more than 500 employees are eligible in certain industries.
For a second draw:
Apply now to access the $284 billion in federal funding to help small businesses
keep workers employed amid the pandemic and economic downturn.Get Started
At APCU, our goal is to help our members achieve financial success by providing exceptional products and service. We are Georgia’s first chartered credit union, and the largest postal credit union in the United States. Serving more than 99,000 postal workers and the employees of dozens of local companies and governmental organizations, APCU holds more than $2 billion in assets. For over 90 years, our members’ needs and financial well-being have come first.