Last updated: 5/11/2020 - We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

Who is Eligible?

Small businesses as defined by SBA size standards (generally up to 500 employees) are eligible to apply. For the first time, this now includes all churches, ministries, Christian school and other entities that are registered as a 503(c)(3) organization. Previously, religious institutions have not been eligible for SBA7(a) loans (a loan program that provides small businesses, see sba.gov for more). All Non-profits with fewer than 500 employees who are 501(c)(3)'s do not receive Medicaid funding.

For the first time, this now includes all ministries, churches, Christian schools and other entities that are registered as a 501(c)(3) organization. Previously, religious institutions have not been eligible for SBA7(a) loans.

ACCU is an approved lender by the SBA for the PPP Loan, and we have received notice that the SBA will resume accepting Paycheck Protection Program (PPP) applications on Monday, April 27, 2020.

At this time, we are prioritizing applications currently in our queue on a first come first served basis for our Ministry/Business members. To apply for a PPP loan, you must accurately complete and certify the PPP application. This includes becoming a member of ACCU, if your ministry/business is not currently a member (for more see FAQ - 'I'm a personal ACCU member...'). To become a ministry/business member, you must meet ACCU's Field of Membership requirements as stated in our application. As you know, the U.S. Department of Treasury has placed limits on the amount of funds the SBA has available for the program, and depending on approval of additional funding, we may not be able to fund all newer applications. As funding is certified and approved by the SBA, we cannot guarantee funding and when its limits have been reached. We have been accepting applications and will continue to accept them. Since applicants must first become members, please take time to submit an accurate application as errors may delay your application approval. If you have not already done so, please inquire with your primary financial institution, or visit the SBA website to identify lenders eligible to issue PPP loans. Our commitment is transparency in the process as your loan progresses.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

Frequently Asked Questions

Yes, ACCU received authorization from the Small Business Administration (SBA) on 4/3/2020 to be an authorized PPP lender.

We are currently awaiting news from Congress to notify approved lenders for additional funding of the PPP loan. ACCU is taking applications, so that when Congress approves additional funds, your application will be ready to submit to the SBA.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

The Paycheck Protection Program prioritizes millions of Americans employed by a qualifying nonprofit 501(c)(3) or small business by authorizing up to $349 billion toward job retention and certain other expenses. The loans would be available during an emergency period ending June 30, 2020 and would be forgiven if the employer continues to pay workers for the duration of the crisis.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

  • As of March 23, 2020, businesses in every US State, US Territories and US Commonwealth can apply.
  • Non-profit churches and other 501(c)(3) organizations*
  • For organizations under 500 employees per site location

*Exception: If the 501(c)(3) takes Medicare or Medicaid, the financial institution needs to get approval from SBA. For full terms of this program go to www.sba.gov.

The funds can be used to cover the following expenses:

  • Payroll costs
  • Group health insurance benefits, paid sick leave, medical and insurance premiums.
  • Mortgage or rent payments
  • Utilities
  • Interest on any other debt obligations that were included before the loan period of February 15, 2020.

Note: If your Paycheck Protection Program loan is approved, ACCU will deposit your funds into your ACCU Business Checking Account.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

Same process as non-seasonal employees. However, you go back to the last month the part-time or seasonal employee worked, and calculate from their previous 12 months.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

  • Loan forgiveness will be available for up to 8 weeks of payroll cost, mortgage interest payments, mortgage obligations, rent payments, it also may include payments on other debt and utility payments (subject to certain restrictions).
  • Forgiveness is subject to loan funding being used for the approved purpose and maintaining the average size of your full-time workforce from February 15, 2020 through June 30, 2020 compared to the same time period the prior year.
  • Funds must be spent on what it was intended for. It is recommended that you should be over-prepared and create an audit trail to account for how each dollar is spent. Because the audit trail is so important, we set up our PPP loans to be funded into a dedicated checking account.
  • At the end of June 30, 2020, a request can be submitted for the loan to be forgiven. More specific information on this process will be provide in the future.
  • The participant will be required to provide the number of full-time employees that were maintained during 2020 and the period of February 15, 2020 through June 30, 2020.
  • The participant will be required to provide a worksheet showing how the current Full-Time Equivalent (FTE) compares to the exact same time period in 2019.
  • The government requires the organization to employ FTE no differently in 2020 than in 2019.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

  • A loan will be immediately established.
  • No fees will be paid on the loan.
  • No payments will be required until 2021.
  • Interest rate has not been determined.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

  • All applicants must verify their previous six weeks of payroll, and must verify payments for payroll, mortgage interest, rent and utilities for eight weeks after receiving the loan.
  • No loan payments under the program are due for six months.
  • A good faith certification will be required.
  • You will need to certify that the loan will be used for the following:
    • Support ongoing operations
    • Retain workers and maintain payroll
    • Make mortgage, lease and utility payments
  • Program is separate from the SBA Disaster Relief Fund
  • Administered by the SBA
  • No collateral or personal guarantee will be required.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

Processing of PPP applications is on a first come, first served basis. However, first priority for PPP applications is being given to our existing members.

As a federally regulated and state chartered credit union, we are only allowed to fund loans to members. We are also accepting new memberships in an effort to serve as many qualified organizations and ministries as we can. If your organization is not currently a member, or your primary banking membership is not with ACCU, doing so will help us process your PPP application and/or raise needed capital to help additional members. Membership can be started here.

Once we have processed your organizations membership we will work on processing your PPP application. Please note, that requests for memberships have grown at an exponential rate as the PPP program has rolled out. We do ask for your patience.

We highly encourage you to check the SBA website or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued.

Below is a list or required information currently asking for during the PPP application process. It is important that the both substantiates a loss incurred during the COVID-19 pandemic period and balances against the amount requested on your application.

  • Application (attached in email)
  • Previous Four Quarters of payroll tax forms
  • 2019 Financial Statement (Balance Sheet + Income & Expense)
  • Utility Bills (if you plan on paying utilities with these funds)
  • Mortgage Statement (if you plan on making interest payment on your mortgage with these funds)
  • Rent (if you plan on paying rent with the funds)

We highly encourage you to check the SBA website, the SBA's FAQ page or the U.S Treasury’s Website on Assistance for Small Businesses frequently for any additional guidance that may be issued. 

  • Your organization will need to become an ACCU member with a valid EIN.
  • If your business is owned by multiple shareholders, all business owners must qualify within our Field of Membership in order for the business to qualify for membership at ACCU.

Each financial institution does things a little different, and it can seem daunting – especially if you are new to ACCU, or you are looking to get setup using our digital services for the first time.

As a Paycheck Protection Program (PPP) loan recipient, we want to ensure that accessing and using your funds is as smooth and straight forward as possible. Below you will find a few key topics from our blog to help you take advantage of digital services available to you.

Enrolling In Online-Banking For the First Time

How To Setup External Transfers Within Online-Banking

How To Activate E-Statements

Join Our Applicant List

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We proudly serve churches and parachurch organizations

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We proudly serve you, the Body of Christ, across the United States

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We are here to serve your family through each season of life

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We are committed to helping you build a stronger future

 

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© 2020 Americas Christian CU | The credit union is federally insured by the National Credit Union Administration. Added savings protection provided by American Share Insurance. Please speak to a credit union representative for details. Equal Housing Opportunity.

As always, if you have any questions or comments regarding any issue related to ACCU, you can call us on our toll-free number 1-800-343-6328.