Paycheck Protection Program Information Now Available
— Application Update (4/22/2020) —
As of 5:00pm on Wednesday, April 22nd, Honor Credit Union is no longer accepting additional applications for the Paycheck Protection Program. While additional funding is expected to become available through the federal government within the coming days, the expectation is that these funds will also be exhausted extremely quickly, and any new loan applications submitted between now and the time funds are released will be unable to provide the required documentation.
We’re continuing to monitor the ever-evolving changes surrounding Paycheck Protection Program loans and other small business financial assistance options and will provide further updates as they become available.
— Original Post (4/1/2020) —
Dear Valued Business Members,
We wanted to provide you with the latest update regarding the Paycheck Protection Program (PPP) Loan as part of the CARES Act. As an Approved Lender through the U.S. Small Business Association (SBA), Honor will soon be able to offer the small business loans authorized under the PPP. We are hopeful that the SBA will grant authorization to lenders to start accepting applications as soon as this Friday, April 3.
In the latest guidance issued by the SBA, we obtained access to the application and received an overview of the program along with a guidance form for borrowers. We believe these documents provide an excellent summary of the program and are linking them below for your review.
Our team is ready to help you gain access to this emergency funding for your small business. Give us a call at 800.442.2800 to begin the application process and discuss any questions you might have about financial relief options. As we receive additional guidance from the SBA, we will continue to send pertinent updates your way.
Thanks for being a member.
VP of Business Services