SBA Paycheck Protection Program Loan
Due to the immense volume of loan applications, we are no longer accepting applications for the SBA Paycheck Protection Program.
A new round of funding for the Paycheck Protection Program (PPP), administered by the SBA, continues the availability of much-needed financial support for eligible small businesses to help keep employees and stay open safely during the COVID-19 pandemic. Whether this is your first or second PPP loan, Community First Fund has you covered. Our streamlined PPP Loan application process can help you fill out your application, upload required documents, and submit your completed application to the SBA.
Basic Program Guidelines
Businesses with less than 500 employees that are negatively impacted by the pandemic can apply for their first PPP loan. Previous PPP loan recipients with less than 300 employees can also qualify if they have experienced more than a 25% drop in revenue quarter over quarter from the previous year.
- Loans available up to $2,000,000
- 1.00% interest rate and no payments for the first 10 months
- No collateral or guarantee required
- 100% federally guaranteed funds
- PPP loan proceeds can be used for costs related to payroll, rent or lease, mortgage interest payments, utilities services, operational expenses, property damage, supplier costs, and worker protection expenses
First Round PPP Forgiveness Process
If you applied for and received a PPP loan from Community First Fund during the first round of the program in 2020, than you are required to complete the forgiveness process. If you do not complete the forgiveness process, than your PPP loan will NOT be forgiven. You can click the button below to download your forgiveness documents and complete the forgiveness process.COMPLETE THE FORGIVENESS PROCESS