apply for a first or second draw
The second round of Paycheck Protection Program (PPP) Loan funding is open for First Draw and Second Draw applications. Our application portal is safe, secure and fast to make applying for your First or Second PPP Draw easy. To ensure qualifications are met and accurate information is provided, please read this page and the PPP Frequently Asked Questions document before submitting your application. Supporting financial documents can be uploaded using our secure dropbox below the Application links.
Key PPP Loan updates include:
- Borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures. At least 60% of loan proceeds must be used for payroll purposes, and up to 40% can be used for operational expenses. If funds are not used within these parameters, your loan will become unforgivable.
You are eligible for a Second Draw PPP Loan if you:
- Previously received a First Draw PPP Loan and have used the full amount for authorized uses only;
- Have no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
- If you secured your first PPP Loan from another lender, you can still take your second draw from Infinity FCU!
If you’re interested in the Paycheck Protection Program, submit your application via our secure portal below and our Business Services Team will contact you to gather more information. Please note that all owners with 20% or more equity must be listed on the application, initial to answer applicable questions, and sign the application.
Which application should you use?
- Determine if this is your First or Second PPP Draw
- First Draw, No Schedule C: businesses who do not file a Schedule C (C-Corps; Partnerships)
- First Draw, With Schedule C: businesses who do file a Schedule C (Sole Props; Independent Contractors; some LLCs, with or without employees)
- Second Draw, No Schedule C: businesses who do not file a Schedule C (C-Corps; Partnerships)
- Second Draw, With Schedule C: businesses who do file a Schedule C (Sole Props; Independent Contractors; some LLCs, with or without employees)
Not sure which application to use? Call us at 854-6000 x4140 and we'll be happy to help you.PPP Frequently Asked Questions (March 2021)
How to Calculate Loan Amounts
apply for forgiveness of your first draw
Once you have secured your Payroll Protection Program funds, you will need to apply for loan forgiveness. The SBA has simplified the forgiveness process into one easy-to-use form with instructions included. If your loan amount is greater than $150,000, please contact us for forgiveness instructions.
Form 3508D is a special form that some First Draw PPP borrowers may be required to submit in addition to their primary forgiveness application if certain government officials hold a controlling interest in their business.
New to Infinity FCU?
- Infinity FCU Business Membership Application
- Beneficial Ownership Certification Form
- Infinity FCU Resolution Form
Infinity FCU is an established SBA Lender and has been recognized as Maine’s Leading SBA Credit Union Lender in 2018, 2019, and 2020. Our Business Services Team is prepared to be your trusted partner ensuring you have the tools you need to manage your business finances at this critical time. If you need assistance with your application or have questions, please contact our Business Services team at email@example.com or (207) 854-6000 x4140.
Do you know another business owner who qualifies for a PPP Loan? Please share with them your experience with Infinity and ask them to contact our Business Services team for membership and application information!
*You qualify for membership at Infinity FCU if you live, work, worship or attend school in Cumberland and York Counties, or in the City of Bangor, Maine. In addition, immediate family or household members of current Infinity FCU members may also qualify for membership.