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Paycheck Protection Program - PPP Loan

MIT Federal Credit Union (MIT FCU) supports our community. As part of that support, together with the Small Business Administration (SBA) we are now accepting applications for the Paycheck Protection Program (PPP). This program provides funding for small businesses to assist with up to 8 weeks of payroll costs as well as employee benefits, to assist you in retaining your employees. It's a way to make the entire community stronger. Funds may also be used to pay rent, utilities, and mortgage interest for your business. SBA's website provides a complete outline of coverage offered.

Apply Now for your SBA Paycheck Protection Program Loan

Application form for SBA PPP 

  • Please complete and sign the application, and email to us (PLEASE SEND APPLICATIONS AND SUPPORTING DOCUMENTS VIA SECURE EMAIL ONLY!) with required supporting documentation to: mitfcu@mit.edu.
  • Once above information is sent, please email us at loans-mitfcu@mit.edu with password information and an outline of what you have sent. Processing will be delayed if full documentation isn't received. Please see next bullet to determine what documentation is required for your business. 
  • Required support documentation depends on the type of business, size, etc. Please check out this list to learn which documents are required for your business. These documents may include but are not limited to: 2019 Form 1040 Schedule C, 2019 1099-MISC, bank statements, IRS Form 941, payroll statements, etc. Please check this link and be certain to provide the appropriate documents with your application. Loans cannot be processed without the appropriate documents.
  • Not sure of how much loan you qualify for? Use this simple calculator.
  • A loan rep will be in touch to discuss next steps following receipt of your application.

General Guidelines for Paycheck Protection Program with MIT Federal Credit Union

  • Business must have been established prior to 2/15/2020
  • Eligibility

    • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)

      • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
        • 500 employees, or
        • That meets the SBA industry size standard if more than 500
      • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
      • Sole proprietors, independent contractors, and self-employed persons
      • To apply for this program though MIT FCU the applicant must be eligible for membership with the credit union read this link to learn more about credit union membership 
  • No small business fees are incurred
  • No loan payments due for 6 months