Dear Business Members,

There has been much media attention regarding the CARES Act and a business’s ability to access loans through the SBA and your credit union, so we wanted to put some information together for you to better understand the options available.

Here are a few of the options available to small businesses for lending needs:

SBA Economic Injury Disaster Loans

These loan requests are processed directly with the SBA and not through the credit union.  These are working capital loans that may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion.  Please click on the following link for the application and more information:

SBA Debt Relief Options

If you currently have an existing SBA loan such as a SBA 7(a), 504, or microloan loan (Paycheck Protection loans and SBA disaster loans are not eligible), borrowers may be able to defer payments of principal, interest, and fees for up to six months, but not more than one year. The credit union can help process this request.

Paycheck Protection Loan Program

We have provided detailed information following this letter but here are the highlights of the program.

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries.
  • Maximum loan amount up to $10 million.
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs).
  • All loans under this program will have the following identical features:
    • Interest rate of 0.5%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

We can help you facilitate this loan request though the credit union. The SBA is still in the process of rolling out the program and the application and more details will be available soon.

Should you have any questions about the above programs or have any other concerns that you may be having with your business or your personal finances, please contact Molly Woodward, Business Development Officer at 680-2417 or by email at   We understand the difficulty and strain that this has put on your business and we want you to know that we are here for you, so we encourage you to reach out to us.  Stay safe.


Ryan G. Poulin