Paycheck Protection Program (PPP)

The SBA’s Paycheck Protection Program is open again and NIHFCU Business Lending is standing by to accept first and second draw PPP loan applications.   

To apply, please download and complete the SBA’s PPP loan application, gather the required documents outlined in the list below, and email the completed application and all required documents to

Be sure to select the correct application and provide all of the associated documents. If you have never received a PPP loan, select the PPP First Draw Application. If you have previously received a PPP loan from NIHFCU Business Lending or any other lender, select the PPP Second Draw Application. 

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PPP Loans help Small Businesses* Obtain Funds for Payroll and Certain Other Expenses


  • Loans can be for up to two and a half months of your average monthly payroll costs. NOTE: Payroll costs will be capped for employees that earn more than $100,000

  • The loan amount has a maturity date of 5 years and an interest rate of 1.00%

  • Loan payments will be deferred for 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks), or for borrowers who apply for loan forgiveness, payments will be deferred until the SBA remits the borrower’s loan forgiveness amount to the lender.

  • 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 to 24 weeks of payroll. NOTE: The SBA will fully forgive the loan if the funds are used eligible expenses. Forgiveness is based on the employer maintaining or rehiring employees and maintaining a minimum of 75% of compensation levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease more than 25% (exceptions apply).

Please also note, the following:

  • Minimum loan amount is $10,000

  • Borrower has no more than 300 employees

  • NIHFCU will not participate in offering 1099 contractors a PPP loan

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Documentation Needed to Apply for PPP

To submit your application, please complete the appropriate application, gather the required documents and email them to

PPP First Draw: Provide these documents if you have never received a PPP loan.

  • Completed first draw PPP application

  • 2019 & 2020 IRS quarterly 940, 941 or 944 payroll tax report

  • For Sole Proprietors specifically, provide 2019 Personal Tax Return Schedule C

  • 2019 Payroll Reports (e.g., 12 months of gross wages and hours for each employee)

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

  • Document the sum of all employer-funded retirement plan contributions by the small business

  • 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) how is the business operating under the current restrictions, and (c) how is the business preparing for the resurgence of its operation post-COVID-19.

Email your completed application and documentation

PPP Second Draw: Provide these documents if you have received a PPP loan from NIHFCU Business Lending or any other lender.

  • Completed PPP second draw application

  • Documented use of all first draw monies for authorized uses only

  • Demonstrate a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 (e.g. 2019 and 2020 internal quarterly income statement)

Email your completed application and documentation

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What To Expect

Expected timeline for Application Process 

Once we receive the signed application and all support documentation, processing of the loan is expected to be 24-48 hours. Applications will be processed on a first-come, first-served basis, so please have all necessary support documentation accompanying the completed application. Total estimated time for funding is expected to be approximately 5 business days (dependent upon SBA processing times).

The SBA’s PPP will be available through March 31, 2021, or until the appropriated funding in the current legislation is exhausted. The PPP is issued on a first-come, first-served basis.

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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.

*Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, are eligible if they also meet program size standards.