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Business Banking

The Small Business Administration's Paycheck Protection Program

The Deadline to Apply for the SBA's Paycheck Protection Program Has Been Extended to August 8th!

If you or someone you know has a business, Sperry can help secure loans to help cover payroll and other eligible expenses through the Small Business Administration's Paycheck Protection Program.

No need to wait on a big impersonal bank - Sperry is here to help!

Those interested in applying for the federal Paycheck Protection Program can contact:

Roshini Cariappa

Email: RCariappa@SperryFCU.org

Telephone: 516-873-7171, extension 1205

 

Some Things to Keep in Mind...

- All Paycheck Protection Program loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application.

- If employees are kept on payroll, the SBA will forgive the portion of the loans used for expenses related to payroll, rent, mortgage interest, or utilities. This forgiveness applies for up to 8 weeks after the loan is issued and up to 100% of the loan.

- Any amount that is not forgiven will be treated as a loan with a fixed interest rate.

- All payments (principal, interest and fees) can be deferred for 6 months. Keep in mind that any interest will continue to accrue over this period.

 

Helpful Resources:

Have questions about the Paycheck Protection Program?

These helpful resources sourced from both the SBA and U.S. Treasury may help:

The Small Business Administration’s website

The SBA’s COVID-19 small business resources page

The U.S. Treasury’s Department’s website

The U.S. Treasury’s PPP overview

The U.S. Treasury’s PPP fact sheet

FAQs on PPP from the U.S. Treasury Department

 

All savings at Sperry Associates FCU are federally insured up to $250,000 and is backed by the National Credit Union Administration (NCUA), a U.S. government agency, and the National Credit Union Share Insurance Fund (NCUSIF). Sperry is an Equal Housing Lender, and does not discriminate against any potential and/or current member/borrower on the basis of that individual’s race, origin, gender identity, or sexual orientation.

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