April 7th, 2020
We are here for our Business members and are ready to support you with the services, solutions, and resources you need to manage your business during COVID-19. In addition to providing a Loan Extension Request Form on our website, we are closely following the Small Business Administration’s Office of Disaster Assistance programs*.
On March 27, 2020 the President signed into law the CARES (Coronavirus Aid, Relief, and Economic Security) Act. In addition to traditional SBA funding, several temporary programs have been created. The two primary loan options currently available for small businesses are the Paycheck Protection Program (PPP) Loan and the Economic Injury Disaster Loan (EIDL) Program. For up-to-date information from the SBA, visit Coronovirus Relief Options.
Economic Injury Disaster Loan Program (EIDL)
Businesses interested in this loan must apply directly with the SBA. The link to apply is: https://disasterloan.sba.gov/ela/.
Paycheck Protection Program (PPP)
The Paycheck Protection Program is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the SBA with rules, requirements, protocols and processes that all participating banks and credit unions, including Campus Federal, must follow.
Our Business members who may be eligible for financial relief can now apply for the federal Paycheck Protection Program through Campus Federal. Due to high demand, we are only able to process applications for current business members who have an active business loan and/or an active business checking account as of 2/15/2020.
The Application Process
All applications, information and correspondence about the PPP at Campus Federal will occur online and through email, including the application process, submission of required documents, and follow up correspondence. Contact your loan officer directly or call our Member Relations Call Center at 888-769-8841 to request application information.
Once we receive your application and supporting documentation, we will administer the PPP Loan process on your behalf as quickly as possible. Please do not contact our Member Relations Call Center requesting confirmation or the status of your loan application after you complete your application. You will be notified of the status of your loan application through email communications.
We appreciate your patience with the process as we all work together to assist you as quickly as possible. We are doing our very best to help our valued Business members during this difficult time.
View SBA final guidance here: Paycheck Protection Program (PPP) guidelines.
*All information herein is based on our current understanding of the terms and conditions applicable to the Paycheck Protection Program (PPP) as set out in the Congressional Act, and is subject to further interpretation and clarification as regulations and guidance are issued by various regulatory agencies, including the SBA.