Paycheck Protection Program

Paycheck Protection Program

At this time, KeyPoint is not accepting new applications. KeyPoint will continue to process previously submitted applications as long as the SBA has money available.

The Paycheck Protection Program and loan forgiveness are part of a loan program administered through the U.S. Small Business Administration intended to provide economic relief to small businesses adversely impacted by COVID-19. We will continue to provide updates on this page.

Funds for the Paycheck Protection Program are limited.  Loan requests are subject to KeyPoint Credit Union review and the availability of funds.

Features

  • Loan amounts up to 2.5x the average qualifying monthly payroll costs, not to exceed $2 million
  • 1% APR for the loan for 24 months
  • No application fees
  • No collateral or personal guarantee required
  • Certain portion of the loan including principle and accrued interest may be forgiven if the loan proceeds were used for covered payroll purposes 
  • Loan payments may be deferred for six (6) months following the date of disbursement for the loan.  Interest will continue to accrue during the deferment
  • Easy application process


Eligibilities

  • All businesses—including nonprofits, veterans’ organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors—with 500 or fewer employees can apply
  • Businesses were in operation on February 15, 2020 and either had paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC
  • Applicant must meet other SBA eligibility requirements


How much can I borrow

The maximum loan amount is determined by multiplying your average monthly payroll costs by 2.5 times.  Payroll costs include

  • Compensation to employees in the form of salary, wages, commissions, cash tips or the equivalent
  • Group health care insurance premiums, retirement, benefits, state and local payroll taxes


Loan Forgiveness

If you have received funding through this program, you may be eligible to request loan forgiveness. We know that loan forgiveness is important to you and your business and that you may have questions. The SBA has recently provided the PPP application and calculation worksheet. We recommend you review the application and familiarize yourself with the requirements for loan forgiveness.

We are working with the SBA to finalize the loan forgiveness requirements and process. We will notify you with instructions at a later date to apply. This will include a unique link to complete and submit the application. We recommend you begin to gather your supporting documentation.

Additional information from the SBA on how to prepare for Forgiveness:

U.S. Treasury

SBA