First Basin is here to Keep Business Moving Forward.
U.S. Small Business Administration
Paycheck Protection Program
Last updated April 9, 2020.
What is the Paycheck Protection Program (PPP)?
The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
Loan amounts may be forgiven as long as the following criteria is met:
- Loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the eight-week period after the loan is made.
- Employee and compensation levels are maintained.
When are small businesses able to apply?
- Beginning April 3, 2020, Small business and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Beginning April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- The program will be available through June 30, 2020.
Where can I apply?
- First Basin Credit Union is an SBA Eligible Lender.
- Get started with a PPP Loan Here
- If you have any questions, please contact FBCU Member Services at 432-333-5600.
Who can apply?
- Nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees.
- Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
- Business size requirements may be found here.
For detailed information on what is needed to apply, documents required, loan forgiveness and more, please view the PPP Information Sheet or read the Paycheck Protection Program FAQ for other questions.
COVID-19: Small Business Guidance and Loan Resources, to include:
- Coronavirus funding options
- Guidance for businesses and employers
- Local assistance
- Joining the SBA’s relief efforts
- SBA products and resources
- Government contracting
Please visit our Business Guide for more information and resources for businesses.