Part of our mission with Travis Credit Union’s Awesome Cause is to always be there for you. Business members who turn to Travis for support due to the coronavirus (COVID-19) should check out the information below to explore available financial relief resources.
Important Note: Travis Credit Union is experiencing an exceptionally high volume of application submissions for the Paycheck Protection Program (PPP).
Thank you for your interest in the SBA Payroll Protection Program. We share your concern for the financial well-being of your business and appreciate the opportunity to be a trusted financial partner.
Unfortunately, due to the high volume of applications we received from the initial rollout of SBA PPP on April 3rd, we are still unable to accept any new applications. Travis is focused on pending applications to ensure applicants get the opportunity to receive support from new funds Congress has appropriated. Thank you in advance for your patience and understanding.
Paycheck Protection Program
Recently passed by the federal government, this program authorizes forgivable loans to small businesses to pay their employees during the pandemic. All loan terms will be the same for everyone.
Please review the additional information below for small business members and check out the links provided. For all updates regarding COVID-19 from Travis, visit traviscu.org/coronavirus.
- Who is eligible? All businesses: including nonprofits, veteran organizations, Tribal business concerns sole proprietorships, self-employed individuals, and independent contractors
- What is the purpose of the loan? To help cover payroll costs, interest on mortgages, rent, and utilities.
- What else should I know about this loan? Interest rate is 1.0% fixed. The loan is due in two years, and it may be forgivable. Six-month deferment.
- How long will the program be available? Until June 30, 2020 or until or until funding provided by the CARES Act has been exhausted.
- Additional Information: Get more details about PPP and read FAQs at sba.gov.
Economic Injury Disaster Loan
Businesses can request disaster relief by applying directly to the U.S. Small Business Administration (SBA) for an Economic Injury Disaster Loan.
- Loans of up to $2 million are available based on the financial impact of COVID-19
- SBA offers fixed interest rates, as well as repayment terms up to 30 years
- Applicants must apply directly to SBA online at SBA.gov/disaster or disasterloan.sba.gov/ela
- Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information or for assistance with the application
- Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339
- Completed applications should be mailed to:
U.S. Small Business Administration,
Processing and Disbursement Center,
14925 Kingsport Road,
Fort Worth, TX 76155
- Processing time for these applications is approximately one month at this time
- Deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020
- For the SBA Fact Sheet describing SBA Disaster loans, visit: tmcfinancing.com
- For more information about available SBA resources and services, visit: SBA.gov/coronavirus
- For more information about Coronavirus, visit: coronavirus.gov
Since information is frequently changing due to the current economic environment, be sure to confirm the latest information available using the links above.
Thank you for your membership!