Credit Union Officials,
For credit unions that
want to offer SBA Paycheck Protection Program
(PPP) loans, but don’t
have the infrastructure, NCOFCU’s partnership with CU
First Responders FInance, LLC (CUFR) offers a turnkey
outsourced capability. CUFR offers services from custom online business loan
request forms to contacting applicants, assembling documents, and finalizing
loan packages.
The Small Business
Administration (SBA) has issued the form that credit unions need to offer the
Paycheck Protection Program (PPP) loans to their members. You can DOWNLOAD HERE
PPP loans provide
incentives to keep workers on the payroll. The loan amounts will be
forgiven as long as they meet the following requirements: the 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, and the employee and
compensation levels are maintained.
Lenders were eligible to
process applications on April 3, 2020, but the SBA site experienced widespread
delays. Those delays are likely to continue, but credit unions can assist
members now by helping them start the application process through CUFR
For information on how
CUFR can help, contact Murray Halperin, Managing Member, info@financeresponders.com
Grant Sheehan CEO
NCOFCU
305-755-3302
ceo@ncofcu.org
NCOFCU
305-755-3302
ceo@ncofcu.org
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