Information About the Second Round of Paycheck Protection Program Loans

 

1/15/2021 Update: We are happy to inform that our window to start submitting applications to the SBA opens on Tuesday, January 19th. With all the updates and current issues submitting to the SBA, we have decided to wait until Tuesday morning at 9:00am PST to open up our application system, and will place a live link at the aforementioned time. 

We will be adding some additional FAQs on our website to help answer some of the basic questions of the program. Below are some basic items to remember to apply and please see the FAQs if you have a question about an option below. 

FAQs

If you have any additional questions while working on your application, please send an email over to [email protected] with your business name and basic info about your question. An email will be issued as soon as possible since our team will be very busy working everyone’s applications. This will be the fastest method for us to get the correct information to you as well as as schedule a call to discuss the details. As a reminder, our call center and branches won’t be able to answer specific questions about your application or the SBA PPP Program. 

Note: When Nuvision opens up its application process, they will only be accepting applications for current members of the Credit Union and will work non-member applications after all members have been served.

What is a CFI?

Community Financial Institutions include the following organizations: 

  • Community Development Financial Institutions, 
  • Minority Depository Institutions, 
  • Certified Development Companies, and 
  • Microloan Intermediaries

At this time, Nuvision is not considered a CFI and we are waiting until the next phase from the SBA.

 

How it Works

  • January 11th 2021: opens up for CFI’s (1.) and 1st time borrowers.  First round borrowers will follow the same guidelines and the old program.
  • January 13th 2021: opens up for CFI’s (1.) and 2nd time borrowers.
  •  

To be eligible for a 2nd draw you must have the following:

  • Previously received a First Draw PPP Loan and will or has used the full loan amount only for authorized uses before a second draw can be disbursed
  • Has no more than 300 employees
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

 

New eligible expenses funds can be used to cover now include:

  • Worker Protection Costs related to COVID-19
  • Uninsured Property Damage Costs caused by looting or vandalism during 2020
  • Supplier Costs and Expenses for Operations



At Nuvision Credit Union, we want to help your small business be a success

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