SBA Relief Options for Existing Business Members
Sharon Credit Union, a division of Sharon & Crescent United Credit Union, is ready to assist our member businesses with SBA-sponsored government relief programs. We recommend you consider the following programs to assist your business:
SBA Express Bridge Loans
The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for an Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for a decision and disbursement of an Economic Injury Disaster Loan, they may qualify for an Express Disaster Bridge Loan.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
- Must have Existing Active Banking Relationship with Sharon Credit Union as of the date of the applicable disaster.
Paycheck Protection Program
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing funds toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they meet program size standards.
Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by the lessor of 2.5x the average monthly payroll cost
- 1% Rate
- 24 month term
- Payments will be deferred for six months.
- If you maintain your workforce, the SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
- Must have existing active business banking relationship with Crescent Credit Union as of the date of the applicable disaster.\
To expedite your PPP loan application please:
- Review the PPP Application Checklist
- Complete the PPP Application Worksheet
- Complete the PPP Application Form
- Submit the completed PPP Application Worksheet and completed PPP Application Form to us via email.
As an SBA lender, Sharon Credit Union can assist you with the SBA Express Bridge Loan and the Paycheck Protection Program. Visit the SBA online for more information about Coronavirus Relief Options and for Small Business Guidance & Loan Resources.
Please email firstname.lastname@example.org for more information.