SBA Paycheck Protection Program (PPP)
Applications Now Being Accepted
Meridian Trust Federal Credit Union stands ready to provide our members and communities with all of the available help and support that we can in these challenging times. That's why we're excited to be a participating lender in the Paycheck Protection Program (PPP). This program is intended to help small businesses retain their employees during this time. Your business may be eligible for a loan; however, funds are limited and subject to availability by the Small Business Administration (SBA). Meridian Trust is currently accepting loan applications from our existing members.
Which businesses are eligible?
First Draw PPP Loans
First Draw PPP Loans are available for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 employees.
Second Draw PPP Loans
Second Draw PPP Loans are available for small businesses that have fewer than 300 employees and have seen a 25% reduction in revenues since their First Draw PPP Loan. Businesses must use the full amount of their First Draw PPP Loan on or before the expected date your Second Draw PPP Loan is disbursed. For small businesses seeking a loan of $150,000 or more, they'll need to provide documentation (e.g., tax forms, financial statements, bank statements) to prove revenue reduction of 25% or more. For loans less than $150,000, they'll just need to provide this information to receive loan forgiveness.
The SBA is routinely updating the details about this program. For more information on eligibility, funding, other assistance and more, please visit their website.
In connection with American Express’s acquisition of Kabbage, Kabbage established K Servicing to maintain consistency in the way you manage your existing loans. Any Kabbage Funding loans or PPP loans taken prior to October 16, 2020—as well as new PPP loans—will be managed by Kabbage, Inc. through K Servicing.