Paycheck Protection Program loans

The Paycheck Protection Program through the SBA helps businesses nonprofits and churches keep their workforce employed during the COVID-19 (coronavirus) crisis.

Learn about the PPP

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PPP appication

Apply for a Paycheck Protection Program loan

In order to apply for a Paycheck Protection Program (PPP) loan through Everence, your business, nonprofit or church must be a current Everence Financial client or an Everence Federal Credit Union member. 

If you are an Everence Financial client but not a current Everence Federal Credit Union member, you must first apply for credit union membership, then complete the PPP application.

If you are not an Everence Financial client or Everence Federal Credit Union member, you can search for another PPP lender on the U.S. Small Business Administration website

Apply for EFCU membership

If you are an Everence Financial client but not an Everence Federal Credit Union member, apply for membership before completing the PPP application. 

We will contact you to finalize your membership within one business day.

You may apply for the PPP loan while you wait on your Everence Federal Credit Union membership to be finalized. 

Apply for membership

Apply for a PPP loan

If you are an Everence Federal Credit Union member, you may complete the PPP application for a maximum loan amount of $250,000. 

The apply button (below) will take you to an application through our partner, LoanStreet. 

You must upload the following or your application will be placed on hold:

  • Signed application - sign your application electronically, or print, sign and upload the application to the Dataroom.
  • Payroll support - provide documentation of the amount of payroll completed on the application.
  • Bylaws and loan signer information - provide bylaws or borrowing resolution documenting authorized signers to execute loan documents on behalf of the business, nonprofit or congregation applying for the loan and drivers license(s) for all authorized signers.

For more instructions on completing the application or uploading documentation, click the "Instructions" button (below). We recommend using Google Chrome as your browser for the application.

After completing the application, an Everence representative will contact you within one week.

Apply for PPP loan Instructions

More information

More information on the Paycheck Protection Program1

The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses, nonprofits and churches to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent and utility costs over the eight week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Loan payments will be deferred for six months.

Who can apply?
All businesses – including nonprofits, Tribal business concerns, sole proprietorships, self-employed individuals, independent contractors and veterans organizations – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. Additional details are available on the SBA website.

What do I need to apply?
You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender, like Everence, that is available to process your application by June 30, 2020.

What other documents will I need to include in my application?
You will need to provide your lender with payroll documentation.

How long will this program last?
The program is open until June 30, 2020, but funding is capped and lenders need time to process the loans. Therefore, we encourage you to apply as quickly as you can.

What can I use these loans for?
You should use the proceeds from these loans on your:

  • Payroll costs, including benefits.
  • Interest on mortgage obligations, incurred before February 15, 2020.
  • Rent, under lease agreements in force before February 15, 2020.
  • Utilities, for which service began before February 15, 2020.

How large can my loan be?
Loans can be for up to two and a half months of your average monthly payroll costs from the last year plus an additional 25% of that amount. Through Everence, the amount is subject to a $250,000 cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

How much of my loan will be forgiven?
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent and utilities payments over the eight weeks after getting the loan. It is anticipated that no more than 25% of the forgiven amount may be for non-payroll costs.

You will also owe money if you do not maintain your staff and payroll:

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

What is my interest rate?
1.00% fixed rate.

When do I need to start paying interest on my loan?
All payments are deferred for six months; however, interest will continue to accrue over this period.

When is my loan due?
In two years.

Do I need to pledge any collateral for these loans?
No. No collateral is required.

Do I need to personally guarantee this loan?
No. There is no personal guarantee requirement. However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.

What do I need to certify?
As part of your application, you need to certify in good faith that:

  • Current economic uncertainty makes the loan necessary to support your ongoing operations.
  • The funds will be used to retain workers and maintain payroll or to make mortgage, lease and utility payments.
  • You have not and will not receive another loan under this program.

More details about the Paycheck Protection Program are available here

Supporting you during the COVID-19 outbreak

As we collectively navigate this global health situation, Everence is here to support you and your constituents. 

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1 Information has been provided by the SBA.