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Is your business in need of a PPP (Paycheck Protection Program) Loan? Click here.



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Paycheck Protection Program

Paycheck Protection Program

PPP Loans - Apply Today

Financial Access Federal Credit Union is committed to creating lasting relationships with the local businesses and not for profit agencies. We know there are many questions concerning COVID-19 and how it is impacting your business. Whether you are looking for loans or advice, we are here to help.
If your business or not for profit is eligible for SBA loan assistance, we can help you access these programs as well. The Congress has extended and expanded the Paycheck Protection Program.  
In addition, the opportunity for a small business that previously obtained a PPP loan can apply for second draw PPP loan.
This program is offered through the CARES Act and the Small Business Administration (SBA) and is designed to give loans to small businesses and not for profits so they may continue to pay employees and cover other business expenses during the COVID-19 crisis. This loan may be fully forgivable, provided that businesses prove that the funds were used according to the guidelines. We are currently accepting applications.

What is the Paycheck Protection Program?

The Paycheck Protection Program (PPP) is a U.S. Small Business Administration (SBA) federal loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Is my business eligible for a 2nd Draw Paycheck Protection Program Loan?

Are you curious about the second round of monies from the Paycheck Protection Program (PPP)? If you are, the application process has officially opened; however, it will close in March 2021, or when the money is gone; therefore, apply early.

If you want to apply for the next PPP round, your business needs to have a 25% decline in gross receipts in any ONE quarter of 2020 as compared to the same quarter in 2019. The easiest way to check this is to look at the deposits on your bank statements or in your accounting software program, i.e., QuickBooks. 

  • The PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.  
  • Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Who can apply?

This program is for any small business or not for profits with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations, and 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

Will I have to pay back this loan?

The loan may be fully forgiven if 60% of the funds are used for payroll costs, interest on mortgages, rent, and utilities and you have not reduced your payroll by more than defined amount.

The purpose of this loan/forgiveness is to enable and encourage small businesses or not for profits to protect their employees. Loan payments will be deferred for six months, and no collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

How do I apply?

Please fill out the information below to determine your organization's eligibility. The qualification is within 25 miles of our office located at 604 13th Avenue East, Bradenton, FL 34208. If your organization is located in the Manatee or Sarasota area you should qualify. Please click on the button below to get started!

Non Members



We know this process can be confusing and getting answers to all of your questions can be challenging. The Small Business Association has posted some Frequently Asked Questions that may assist your efforts in finding answers to general questions. Click on the button below. You may also email us at or chat with us by clicking the chat button during our normal operating hours. 

Small Business Administration (SBA) Resources

Coronavirus (COVID-19): Small Business Guidance & Loan Resources
First Draw PPP Loans
Second Draw PPP Loans
PPP Loan Forgiveness
PPP Lender Information
PPP Data

SBA also offers additional Coronavirus relief.


PPP Loans
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