SBA Paycheck Protection Program

Small Business Administration
Paycheck Protection Program

We know that times are tough, but we are here committed to helping you get through this. Aspire is prepared to help distribute funds in the community under the requirements of the Paycheck Protection Program (PPP). 

 

This program gives small businesses access to short-term cash flow assistance to help cover operating expenses and keep employees. These loans will come directly from Aspire and be guaranteed by the Small Business Administration (SBA), so you’ll still be working with the credit union you know and trust.

Small businesses, including sole proprietors, independent contractors, self-employed individuals, nonprofit organizations, tribal businesses concerns and Veterans’ organizations, that:

  • Employ 500 or fewer people. 
  • Were in business on or before February 15, 2020
  • Had employees to whome they paid salaries and for whom they paid payroll taxes or that paid independent contractor
  • Operating expenses, such as payroll, rent, lease payments, utilities, and mortgage interest obligations
  • Payroll costs that may include wages, salaries, retirement contributions, healthcare benefits, insurance premiums, covered leave, and other expenses
  • Interest on other debt obligations incurred before February 15, 2020

The loan amounts may be forgiven as long as both of the following are met:

  • Loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made
  • Employee and compensation levels are maintained
  • Read the Interim Final Rule for more information about the rules and some questions and answers.

If you receive a suspicious email or text message, don’t respond, click on links, or open attachments. Please know that we won’t ask for confidential information — such as your card PIN, access code or online banking password — if we reach out to you.