SBA Paycheck Protection Program
The United States Small Business Administration’s (SBA) Paycheck Protection Program (PPP) provides loans for small businesses. First Technology Federal Credit Union (First Tech) became an authorized lender for PPP loans, and started submitting applications to the SBA in the spring of 2020. First Tech has concluded the first round of offering new PPP loans and we’re now helping members apply in the next round. Please see the resource page for those members seeking assistance with loan forgiveness. As the SBA releases additional guidance, we’ll update this page to provide the latest information. To apply for a PPP loan through First Tech, we require the business to have established a Business Checking account on or before January 1, 2021.
How long do I have to apply for a PPP loan?
Currently, the SBA requires applications to be submitted by May 31, 2021. We’ll need to review your application and process it before that date.
Who do I contact to get more information on PPP loans through First Tech?
Our dedicated PPP lending team is available to take your questions. Call us M-F from 9am to 4pm PT at 503.469.7707 or send your questions to SBAPPPInquiries@firsttechfed.com.
Who can apply for a PPP loan through First Tech?
Only an authorized representative of a business who had a First Tech business checking account on or before January 1, 2021 may apply for a PPP loan through First Tech.
How do I know if I'm eligible for a PPP loan?
Are there fees on the loan or collateral needed?
The business pays no fees and no collateral is required.
Does applying for the loan trigger a review of my credit?
First Tech will underwrite and assess the creditworthiness of the borrower; however, we will not pull a credit report for the business owners.
What happens if I’m denied for the loan?
The SBA has other loan options. Unfortunately, First Tech is only authorized by the SBA for the PPP. You will need to apply with another SBA lender to obtain other SBA loan options. Please see their site for additional options.