The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, also known as Round 2 of the Paycheck Protection Program (PPP) provides businesses that did not receive the first round of funding, to do so prior to March 31, 2021. For those businesses that received the first round draw, you may be eligible to obtain a second round of funding. The covered eligible expenses for the program have been revised to include, monthly payroll costs, rent, mortgage interest, utilities, operations expenditures, property damage costs, supplier costs, and worker protection expenditures. As a certified Community Development Financial Institution, Bay Federal Credit Union is now able to accept applications for the Paycheck Protection Program.
We are excited to announce as of January 19, 2021, we will begin accepting applications for the Paycheck Protection Program. It’s important to note that while we are able to accept applications for the Paycheck Protection Program, there is no guarantee that all applications will receive approval or funding.
Applications will be accepted for businesses that meet the following criteria:
- Must have primary Business Checking Account with Bay Federal Credit Union, open prior to December 27, 2020.
- Business must meet the qualifications as defined by the provisions of the Paycheck Protection Program.
- Business must apply online.
We also have information for members interested in PPP loan forgiveness options.