Help for small business members
The new $900 billion COVID-19 aid package signed into law on Dec. 27, 2020, includes $284 billion for extending Payment Protection Program (PPP) loans to help small businesses and save jobs.
The U.S. Small Business Administration is re-opening the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets such as Arsenal Credit Union for First and Second Draw applications on Friday, January 15, 2021.
Please click on one of the links below to complete the PPP Second Round Application and we will contact you if additional information is needed. Be aware there are two different application options. It is very important to review which applies to you and select the correct link.
Second Round – First Draw
First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed.
Second Round – Second Draw
Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and have used the full amount only for authorized uses, and that can demonstrate at least a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
Note that applications will be processed in the order they are received. We are experiencing a high call volume; if you have additional questions it would be best to email our business lending team at email@example.com and someone will get back to you ASAP.Funding runs through March 31, 2021 or until funds are depleted.
Understanding forgiveness of Payment Protection Program (PPP) loans
Have questions? The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing guidance to address borrower and lender questions concerning forgiveness of PPP loans.
Applying for Disaster Loan Assistance
Small business is the backbone of America. The COVID-19 pandemic has made the future of many small businesses uncertain.
Arsenal Credit Union is a Small Business Administration Certified Lender.
If you need help, you can apply for Disaster Loan Assistance through Sept. 30, 2020, on SBA.gov.
Coronavirus (COVID-19): Small Business Guidance and Loan Resources
The SBA also provides advice, guidance and loan resources about issues like paycheck protection, SBA debt relief and local assistance, among other valuable topics.
If you need further assistance, please email our small business lending department or call us at 314.962.6363 or 618.239.6363.
Free counseling available for small businesses in Jefferson County
The Economic Development Corporation of Jefferson County (EDC) has partnered with the St Louis Small Business Development Center (SBDC) to offer counseling to individuals looking to start, grow, or triage their business in Jefferson County.
By hosting SBDC services from the EDC office in Hillsboro, Jefferson County business and those looking to start-up will have convenient access to trained counselors who can provide help accessing capital, identifying market opportunities, business planning, risk management, and managing growth. All stages, all types, and all industries are welcomed.
Appointments for counseling can be requested through the EDC website, calling 636.797.5336, or email at EDCjeffcomo@gmail.com. All counseling is offered confidentially and at no-cost to registered clients of the SBDC.