Paycheck Protection Program
Enrichment will continue to accept PPP applications for existing members as long as funds remain available through the SBA.
If you're an Enrichment FCU member who owns a business, but you're not yet a business member, you can submit your PPP application online(Opens in a new Window).
Any changes made by Congress, the Department of the Treasury or the Small Business Administration may affect our ability to further process or approve applications.
We’ll contact you with any status updates by email. Our contact center and branches will not have information on your application’s status.
Update as of July 2nd: Any applications that are submitted at this time will be held until the SBA reopens their portal for submission.
On June 5th, the PPP Flexibility Act was signed into law which provided significant concessions for loan borrowers as we move into the forgiveness period. Among them:
- Extension of original 8-week spending window to 24-weeks.
- Reduction of 75% payroll requirement to 60%
For now, it is our recommendation for you to wait until closer to the end of the 24-week covered period, beginning on the date of your PPP loan, to submit any forgiveness paperwork. This will allow you ample time to spend the funds appropriately to gain loan forgiveness. As we work through this phase of the PPP loan program, we will reach out to all our PPP borrowers to expedite the forgiveness process.
Contact a Business Loan Specialist