We are not currently accepting new Paycheck Protection Program loan applications. Any applications received previously that were deemed incomplete will not be processed. If you have previously submitted a complete application, you can still sign in and check the status.
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.
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.
KEMBA Financial Credit Union recognizes this is a unique moment in time as we work diligently to protect not only ourselves physically from the coronavirus (COVID-19), but also our businesses from the various efforts being made to help prevent the spread of the outbreak. If your business is being affected by COVID-19 and its containment efforts, we strongly encourage you to take advantage of the programs being offered, and the expert guidance offered by our dedicated and knowledgeable associates. KEMBA stands ready to assist our members, as well as the communities we serve.