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Freedom First Credit Union

Small Business Administration

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Paycheck Protection Program (PPP)

Freedom First is pleased to offer our business members access to the Small Business Administration’s Paycheck Protection Program (PPP) made possible by the Coronavirus Aid, Relief, and Economic Security Act.
In order to be eligible to apply for a Paycheck Protection Loan through Freedom First, the business must have opened their membership account with the credit union prior to April 1, 2020.

How to Apply

To take advantage of this program, Freedom First business members have two options:
1.  Log into your online business banking platform, where you will be provided with an application link.
2.  Call our Contact Center at (540) 389-0244 (local) or (866)389-0244 (toll free) to request a link to our application site.

Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
If applying through Freedom First for this loan, the business must have opened their membership account with the credit union prior to April 1, 2020.

Loan Details & Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

Still have questions about the PPP?

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