Covid-19 Emergency Loans

Paycheck Protection Program

We remain committed to ensuring you have access to the resources you need to get through these unprecedented times. With that in mind, we’re excited to announce that the Paycheck Protection Program (PPP) under the CARES Act is accepting applications. We’ve partnered with Kabbage to connect you with these loans to help you cover payroll, rent, utilities, and other eligible debt obligations.

The application submission deadline is extended to August 8th, 2020, with loans available for 2.5 times your average monthly payroll for 2019, up to $10 million. There’s no collateral or personal guarantee.

Apply online in just a few steps

Submit information about you, additional owners and your business, including payroll filings and certifications necessary for eligibility
Review the amount your business is eligible for
Verify your business information and identity
Take the loan when you’re approved

APPLY NOW

Disclosure-

Due to an overwhelming response and limited internal resources, Nizari PFCU has partnered up with a FinTech company named Kabbage, Inc. to further assist our members for the Paycheck Protection Program. If you were not able to apply for this program for any reason and would now like to apply, please follow this link and complete the application process. Nizari PFCU has partnered up with Kabbage to provide an additional resource to our members if they were not able to find a lender to process their application. Nizari PFCU is not affiliated with Kabbage, Inc. They are acting as an independent contractor. Therefore, Nizari will not have any access to the applications and will not be involved in the process; processing, funding, and servicing will be done by Kabbage, Inc. only. Please do your own due diligence before availing their service. We will not be able to answer any questions and are not responsible for any issues you may have with them.

Approval, disbursement, and forgiveness are not guaranteed by Nizari PFCU. You may learn more about Kabbage by visiting www.kabbage.com.

Kabbage, Inc., a data and technology company providing small business cash-flow solutions, has partnered with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to deliver billions of dollars of Paycheck Protection Program (PPP) loans to American main-street businesses.* With an announcement from the bank forthcoming, this makes Kabbage the first FinTech using automation to enable tens of thousands of small businesses to submit PPP applications in minutes.

Borrowers can now apply for the PPP Loans via our portal https://nizari.commercialloan.io.

If you don’t have an account for the portal you can create one on the portal page to start the application process. Make sure to review the loan eligibility criteria before starting the application process.

The following information about your business will be required for the application process.

SBA Loan Number if you already received First Draw PPP loan (only required if you are applying for the Second Draw PPP Loan).
Business address, EIN, Phone Number, Primary Contact, E-mail address, NAICS Code (can be found on your business tax return).

Note: Borrowers will need a business account with Nizari PFCU. Please contact us at 281-921-8500 or email us at memberservices@nizaricu.org for more information.

First Draw PPP

PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS

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.

When to Apply
Borrowers can generally apply for a First Draw PPP Loan until March 31, 2021. However, we recommend you apply as soon as possible to avail the funds while they last.

Eligibility

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.

Reapplying and Loan Increases

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020, may:

Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or
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.

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.

Downloads:
Addendum A

Second Draw PPP

PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS
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.

When to Apply
We have started to accept the application for the Second Draw PPP Loan and recommend to apply as soon as possible to avail the funds while they last.

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.

For entities not in business during the first and second quarters of 2019 but in operation during the third and fourth quarters of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than either the third or the fourth quarters of 2019.
For entities not in business during the first, second, and third quarters of 2019 but in operation during the fourth quarter of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the fourth quarter of 2019.
For entities not in business during 2019 but in operation on February 15, 2020, Applicants must demonstrate that gross receipts in the second, third, or fourth quarter of 2020 were at least 25% lower than the first quarter of 2020.

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

The maximum loan amount for the PPP Second Draw is $2 million.
Loan amount for most businesses will 2.5 X the average monthly payroll.
Restaurants, hotels, and other businesses categorized under NAICS code 72, will be eligible to receive 3.5x their average payroll.
Payroll can be calculated 3 ways:
- 2019 calendar year
- 2020 calendar year
- Past 12 months

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.