SBA Paycheck Protection Program (PPP)

SBA Paycheck Protection Program (PPP)

Updated 4/29/2020: FCW is still taking applications for the PPP loan program and we will do our very best to submit them to SBA for approval and eventual funding. We advise customers that due to high demand and volume of applications, coupled with performance issues of the SBA portal and limited program funding, not all submitted applications will be funded and there are limitations to the number of future applications that can even be processed.

 
Farm Credit West customers may now apply for SBA’s Paycheck Protection Program (PPP). This federal program, included as a part of the Coronavirus Aid, Relief and Economics Security (CARES) Act, provides small business owners with a forgivable loan capped at $10 million to cover payroll, mortgage interest, rent, and utility costs.

Farm Credit West is now offering customers two methods by which to apply.

Apply for PPP through Farm Credit West: Intended for existing Farm Credit West customers, the below link will allow the user to walk through the SBA PPP application process. Applicants are eligible for up to $10 million in PPP funds and must meet Farm Credit eligibility requirements. 
Login to myFCW to learn more.

login to myFCW to apply

 
Apply for PPP through Kabage: Farm Credit West has collaborated with Kabbage, an online financial services company, to offer a conduit to process Paycheck Protection Program (PPP) loan applications for our customers, up to $2 million. Click below to get started on your application.

The link below is being provided as a convenience for customers of Farm Credit West, ACA (“FCW”) or anyone who uses the FCW website as a conduit to access the Kabbage website and information relating to the CARES Act and Paycheck Protection Program (“PPP”). By clicking the link, you acknowledge you will be directed to a third-party website that is not affiliated with FCW and you may receive marketing materials from this third-party. Furthermore, you acknowledge there are risks associated with using a third-party solution wherein FCW does not have control over the customer experience. The inclusion of this link on the FCW website does not imply endorsement by FCW nor does it imply or guarantee acceptance by or inclusion in the Kabbage PPP program.

 

Apply for PPP on Kabbage

 

What you need to know about PPP before applying:

 
  • Businesses and sole proprietor employers can apply anytime.

    Eligible business applicants must have less than 500 employees.

  • Loan amount is determined based primarily on documented payroll-related costs.

  • PPP offers a 2-year term, 1.0% fixed interest rate.

  • No payments for first six months. 18 monthly principal and interest payments thereafter.

  • Applicant must be authorized to borrow on behalf of the business.

  • PPP loans cannot be applied for and received at more than one financial institution.

  • If workforce and pay-roll is maintained, SBA will forgive the portion of the loan proceeds used to cover the first 8 weeks of  payroll and certain other expenses following loan origination.

  • Visit SBA Paycheck Protection Program for more detailed information.