SBA PPP Loan

Jordan Credit Union is now accepting applications for SBA Paycheck Protection Program (“PPP”) loans.

Key PPP updates include:

(Source: https://home.treasury.gov/news/press-releases/sm1230)
Posted of January 8, 2021

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Start PPP Application
(Current JCU Business Members Only)

We are now taking applications, if you have any questions please call:

Heather Johnson
P: 801-567-3353
E: business@jordan-cu.org