For SBA Paycheck Protection Program click here.
Other financial relief programs for businesses also available.

Please click here for more information on CMCU's current branch operations and digital services.

SBA Paycheck Protection Program (PPP)

The Paycheck Protection Program, part of the CARES Act, provides capital to small businesses impacted by Covid-19 to help meet short term operating expenses. As a SBA Preferred lender, Central Minnesota Credit Union is excited to provide access to this program to members and non-members.

  • The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits.
  • Funds can also be used to pay interest on mortgages, rent, and utilities
  • Up to 100% of loan amount may be forgiven if program requirements are met
  • Check if you're eligible to apply with CMCU by viewing membership eligibility here.

SBA PPP loans are serviced through Central Minnesota Credit Union. This means that all correspondence will be through Central Minnesota Credit Union, NOT SBA. Please be on alert for phishing attempts by fraudsters. There have been reports of applicants receiving fake correspondence from the SBA. If you have any questions regarding communications about your accounts, please contact CMCU directly.


If you have questions, call our dedicated business team phone line: (833) 267-7321
We encourage you to apply as soon as possible if your business is in need of relief.  There are limited funds available and not all application are guaranteed funding.

Important PPP Information

Eligibility & Requirements

All businesses including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.

Documentation Needed to Apply:

  • Paycheck Protection Program loan application – Apply online by clicking the button on this page.
  • Payroll processor records, payroll tax filings (such as Form 941 or Form 944), or Form 1099-MISC.
  • For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
  • Sole Proprietors or Independent Contractors: Schedule C or Schedule F from your 2019 income tax returns.

Loan Information

Interest Rate: 1.00%

Loan Term: 2 years

Loan Amount: 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. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

Loan Payments: All payments are deferred for 6 months; however, interest will continue to accrue over this period. There are no prepayment penalties or fees if you choose to pay off your loan earlier.


PPP Frequently Asked Questions

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. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
You will also owe money if you do not maintain your staff and payroll.

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.

Each business is limited to one loan.

You should use the proceeds from these loans on your:

  • Payroll costs, including benefits;
  • Interest on mortgage obligations, incurred before February 15, 2020;
  • Rent, under lease agreements in force before February 15, 2020; and
  • Utilities, for which service began before February 15, 2020.

Payroll costs include:

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
  • State and local taxes assessed on compensation; and
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

No. There is no personal guarantee requirement.
***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***

Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

SBA 7(a) Program Loans

  • Loan funds are available for almost any purpose, including working capital.
  • For a limited time, SBA will pay six (6) monthly payments on new loans through the CARES Act.
  • CMCU is a designated Preferred Lender through SBA.

*Membership qualification required. Other restrictions may apply. Ask for details.


Call our dedicated business team phone line:
(833) 267-7321

2-Month Skip-A-Pay for Businesses

This is a loan deferment program for loans already at CMCU. Business members are allowed to defer 2 consecutive monthly loan payments.

  • For members of CMCU with current loans paid monthly
  • Loan payment is deferred for 2 consecutive months between April and September 2020
  • No fees!
  • Interest will continue to accrue during skipped months
  • Does not apply to new loans or to be used for refinancing loans
  • Please view the Amendment to Installment Loan Agreement when applying

*Membership qualification as of March 18, 2020 required. If you have loans with non-monthly payments (quarterly, semi-annual, annual or custom) and may need a deferral, please contact your CBO/CBA to discuss a payment modification options. Other restrictions may apply. Ask for details.


Apply online or call your local Commercial Banking Officer or Commercial Banking Assistant:
You may also call our dedicated business team phone line: (833) 267-7321

SBA's Economic Injury Disaster Loan Program (EIDL)

The loans are designed to assist businesses who suffered working capital losses due to the coronavirus pandemic. Proceeds can assist with making fixed debt payments, payroll, Accounts payable, lease payments, insurance etc.
Applications for the loans are made directly to SBA, not CMCU. Loan payments are also made directly to SBA. Learn more about the program by clicking here.

  • $2,000,000 Maximum Loan Amount (Including affiliate entities)
  • 3.75% APR (Non-Profit: 2.75% APR)
  • Up to 30 year term - based on individual credit approval
  • No payments for the first 11 months
  • No collateral required for loans of $25,000 or less


Apply online through the SBA website:
SBA's Customer Service Center: (800) 659-2955
SBA Disaster Email: [email protected]

Relief for Consumers

Click here to learn more about the financial relief products CMCU has available for consumers.


Coronavirus (COVID-19) CMCU Updates

To view the latest CMCU Coronavirus (COVID-19) updates from CMCU, please click here.

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