We are here to help!
Nizari is an approved SBA lender and is offering for our members to apply for the Paycheck Protection Program offered by SBA through Nizari PFCU. Please contact our business loan officer at 281-921-8517 or 281-921-8513. You can also email us your request at firstname.lastname@example.org.
All loans will have the same terms regardless of lender or borrower. More information and full terms can be found at www.sba.gov.
Please Note: Loans will be processed on a first come first served basis. Members must have a business account with Nizari PFCU in order for the applications to be processed or approved. We are working overtime to ensure that we take care of your requests in a timely manner. However, due to very high volume of requests, there may be delays in responding. If you have lending relationships with another Financial Institution, there may be a chance of your application being processed faster with your existing lender. Please feel free to explore other options as Nizari PFCU does not guarantee timely approvals due to limited quota and resources.
You may also reach out to Access at 1-844-552-2237 for help in this regards.
Coronavirus Aid, Relief and Economic Security Act
CARES Act has established several new temporary programs to address the COVID-19 outbreak, out of which Nizari PFCU is offering the Paycheck Protection Program. To learn about other CARES programs, please visit www.sba.gov for more information.
Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgage, rent, and utilities.
Eligible Small Businesses
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
Will my loan be fully forgiven?
Funds are provided in the form of loans that may be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any processing fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
For ongoing update on the Paycheck Protection Program please visit www.sba.gov