Paycheck Protection Program

When Dr. Keith Progebin couldn’t get a PPP loan from his large bank, he turned to NIH Federal Credit Union. Find out what happened next from the DC Prosthodontist himself.

• Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. NOTE: If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped for employees that earn more than $100,000 annually.


• The loan amount has a maturity date of 2 years and an interest rate of 1.00% APR**.


• Loan payments will be deferred for 6 months.


• No collateral is required.


• No personal guarantees are required.


• Neither the government nor lenders will charge small businesses any fees.


• If the Business maintains their workforce, the SBA will forgive the loan proceeds that are used to cover the first 8 weeks of payroll. NOTE: The SBA will fully forgive the loan if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll). 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.

Please also note, the following:

• Minimum loan amount is $10,000.00


• loans are not available for 1099 contractors

We are committed to updating you as we learn more from the SBA. To help prepare for the application, we recommend that business owners begin to gather the following information and documents:

• PPP Loan Application

• 2019 IRS quarterly 940, 941 or 944 payroll tax reports


• Last 12 months of Payroll Reports (e.g. gross wages for each employee, paid time off for each employee, vacation pay for each employee)


• Documentation showing total health insurance premiums paid by the small business under a group health plan


• Document the sum of all retirement plan funding paid by the small business (do not include funding that came from employee’s paycheck deferrals)


• For Sole Proprietors, in addition to the above, submit income statement and balance sheet for the calendar year of 2019.


• Organization documents to include: Articles of Incorporation, Operating Agreement


• COVID-19 Action Plan detailing (a) how the small business is afflicted by COVID-19, (b) what means and methods is the business currently utilizing to conduct business, and (c) how is the business preparing itself for the resurgence once the COVID-19 situation is resolved.