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
employee.
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 StartedCascade Federal Credit Union is able to provide you with access to apply for a Paycheck Protection Program loan. While we are not an SBA lender and cannot fund the loan ourselves, your application will be matched with another lender that can. To check on the status of your application, please contact the Lender Customer Service Line at 833.572.0502 or by email at [email protected] You will also be able to log into this portal to check your loan status. - - ABOUT CASCADE FEDERAL CREDIT UNION - - Cascade FCU began in 1952 when a group of employees from the Cascade Division of the Great Northern Railway met to form a credit union to help them protect their money and get better loans for their families. Through railroad mergers, Burlington Northern Santa Fe was formed. In 1982, credit union regulations began allowing credit unions to serve additional employee groups. Since 1982, over 125 employee groups have joined Cascade FCU, allowing a wider range of members to enjoy the benefits of credit union membership. Through the years, the credit union has seen many changes, but the principles of those original members remain the same—we help members build their financial futures by always acting fairly and delivering superior personal service.