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America's Christian CU
America's Christian Credit Union
2021 Paycheck Protection Program

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View Application Status

Once you have submitted our PPP loan application, you can check the status of your loan at anytime using the link below. You will need to enter the following information regarding the primary contact listed on the application:

  • Last name
  • Email address
  • Social security number

Please note: New members will need to complete an application for membership before receiving the PPP loan application. Application status will not be available until the official PPP loan application has been completed

Update: Effective on Tuesday, 3/30/2021: The White House Administration has extended accepting Paycheck Protection Program (PPP) applications submitted to the Small Business Administration (SBA) through 5/31/2021.

America’s Christian Credit Union (ACCU) is an approved SBA lender for PPP loans and is active in participating in 2020 issuances. Qualified borrowers, whom are applying for their first or second draw are eligible.

Program Overview:

Unique for the 2021 application period, there are two separate tracks, with two separate sets of rules that can be followed to achieve PPP loan funding. The available tracks and rules and restrictions guiding them is dependent on whether or not the applicant is a first-time borrower also known as a “first-time draw,” or “issuance” of PPP loan funds. If an applicant is participating in a first-time draw, then the rules and guidance pertaining to the first issuance can apply. If an applicant is participating in a second-time draw, then the rules and guidance pertaining to the second issuance apply. Below is a broad comparison of both programs:

First-time Issuance:

  • Entities with more 500 or less employees are eligible
  • At least 60 percent of the proceeds must be spent on payroll costs
  • Maximum loan amount of $10,000,000
  • Eight to 24-week draw period following loan disbursement
  • Learn more about rules governing first-time borrowers

Second-time Issuance:

  • Entities with more 300 or less employees are eligible and must demonstrate a 25% reduction in revenues in a single quarter in 2020 when compared to 2019
  • At least 60 percent of the proceeds must be spent on payroll costs
  • Maximum loan amount of $2,000,000
  • Eight to 24-week draw period following loan disbursement
  • Learn more about rules governing first-time issuance
  • Learn more about rules governing second-time borrowers

What type of entities are eligible?:

Small businesses as defined by SBA size standards (generally up to 300 to 500 employees) are eligible to apply. This includes all churches, ministries, Christian school and other entities that are registered as a 501(c)(3), 501(c)(6), or 501(c)(16) organization. In addition, for profit entities including independent contractors, sole proprietors, Limited Liability Companies, S-Corporations, and C-corporations may apply.

1st Time Borrowers

SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Who Can Apply

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.1

Reapplying and Loan Increases

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.

How and When to Apply

Borrowers can apply for a First Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All new First Draw PPP Loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found HERE.

Ensuring Access for All

SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $15 billion is being set aside for First Draw PPP loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept loan applications from community financial institutions starting on January 11, 2021. The PPP will open to all participating lenders shortly thereafter.

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

2nd Time Borrowers

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Targeted Eligibility

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (click HERE for NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

How and When to Apply

Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found HERE.

Ensuring Access for All

SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from community financial institutions starting on January 13, 2021. The PPP will open to all participating lenders for Second Draw PPP Loans shortly thereafter.

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

Our Corporate Priorities

We proudly serve churches and parachurch organizations

 

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

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

We are committed to helping you build a stronger future

Frequently Asked Questions

Is America’s Christian Credit Union (ACCU) an authorized lender for the Paycheck Protection Program (PPP)?

Yes, as of 4/3/2020 America’s Christian Credit Union became an authorized PPP lender.

Will non-profits and small businesses receive emergency funding if they keep their workers employed?

The Paycheck Protection Program prioritizes millions of Americans employed by a qualifying non-profit, and for-profit small-business by allocating funds for job retention and certain other related expenses. The loans would be available during a designated emergency period(s) and are forgivable if the employer continues meets the outlined usage qualifications disclosed at time of funding.

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.

What organizations are eligible for the Paycheck Protection Program?

  • As of January, 2021, businesses in every US State, US Territories and US Commonwealth can apply.
  • For-profit entities include: independent contractors, sole proprietors, Limited Liability Companies, S-Corporations, and C-corporations
  • Non-profit entities include: 501(c)(3)*, 501(c)(6), or 501(c)(16) organizations under 500, or 300 employees (if applying for second-draw).

*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.

What can my organization use the funds for?

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 prior to the draw period

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.

What about Part-Time or Seasonal Employees (Camps and other seasonal hires)?

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.

How can the loan be forgiven?

  • Loan forgiveness will be available for up to 24 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).
  • 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 recommend having a separate and dedicated account for PPP funds.
  • At the end of draw-period, a request can be submitted for the loan to be forgiven. More specific information will be provided directly to you as guidance on your specific draw and usage period is finalized.

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.

I’m a personal ACCU member, but my business/organization is not a member. What do I need to consider?

  • Your organization will need to become an ACCU member with a valid EIN. The only exception is if you are applying as an independent contractor, or sole proprietor by which a personal ACCU membership will suffice.
  • 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.

Are there any other details of the Paycheck Protection Program (CARES ACT) that I should know about?

  • 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.

Where can the Stimulus Bill be found?

www.congress.gov

How are Paycheck Protection Program (PPP) loans being prioritized?

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 organization’s 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.

What required documentation will need to be collected to process a Paycheck Protection Program (PPP) application?

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

  • Application (attached in the email)
  • Previous Four Quarters of payroll tax forms
  • 2019 and 2020 Financial Statements (Balance Sheet + Income & Expense)
  • Utility Bills (if you plan on paying utilities with these funds)
  • Mortgage Statement (if you plan on making an 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.

My PPP account has funded, how do I access and use my funds?

Each financial institution does things a little differently, 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 straightforward as possible. Below you will find a few key topics from our blog to help you take advantage of digital services available to you.

1 – Also eligible to apply for First Draw PPP Loans are businesses with a NAICS Code that begins with 72 (Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.