Paycheck Protection Program Loans

City of Boston Credit Union is continuing to process PPP Loan Applications, but funds are limited so don't delay!

In late December 2020 the Economic Aid Act authorized the U.S. Small Business Administration (SBA) to guarantee an additional round of loans for small business through the Paycheck Protection Program (PPP).  We are happy to announce that City of Boston Credit Union has been authorized by the SBA as a certified PPP lender and we are now accepting loan applications from eligible small businesses that could potentially be forgiven. 

First Draw borrowers: If you are a small business owner and did not borrow in earlier rounds of the Paycheck Protection Program CBCU can accept and process your First Draw application.  Please download the official SBA Form 2483 Paycheck Protection Program Borrower Application, complete and either email to PPP@cityofbostoncu.com or drop off at any branch location

Second Draw borrowers: If your small business previously received a First Draw PPP loan you may be eligible for a Second Draw PPP loan if:

  • You will or have used the full amount of your First Draw PPP loan for authorized uses;
  • You have no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  • Please download the official SBA Form 2483-SD Paycheck Protection Program Second Draw Borrower Application, complete and either email to PPP@cityofbostoncu.com or drop off at any branch location.

Terms for both the First and Second Draw PPP

  • Maximum loan amount of up to 2.5 times average monthly payroll or $2 million, whichever is less. For borrowers assigned an NAICS code that begins with 72 (Accommodations and Food Services industry—the maximum loan amount is up to 3.5 times average monthly payroll or $2 million, whichever is less)
  • PPP loans are forgivable in full if at least 60% of the proceeds are used for payroll costs, with the remaining amount used for program-permissible expenses. Visit the SBA website for authorized expense uses.

SBA is authorized to guarantee loans under the Payroll Protection Program through March 31, 2021, however program funds are limited and available on a first come, first serve basis.

Disclaimer
City of Boston Credit Union is not responsible for delays or eligibility issues.  Eligibility requirements are mandated by the government.   Must be eligible for City of Boston Credit Union membership to apply. Due to high volumes, processing times may be longer than usual. Loans are subject to a credit review, approval, and the availability of funds.  Eligibility requirements and guidelines are subject to change.  Forgiveness is not guaranteed, funds must be spent according to the program rules.