Paycheck Protection Program (PPP)
Thank you for choosing Logix Federal Credit Union as your PPP Lender!
For over 80 years Logix has grown with & supported our community, and we are committed to helping small businesses navigate COVID-19 loan relief options. Logix is now accepting applications for the Paycheck Protection Program (PPP).Logix Application Deadline: Friday, March 26, 2021
Key requirements for all applicants:
- Must establish a Logix Business Membership.
- You are an authorized representative who can borrow on behalf of the business.
- Must have been in business as of February 15, 2020 and your business hasn’t been permanently closed.
- If applying as a franchise, you will need to enter the SBA Franchise Identifier Code at the time of application. You can find that code at sba.gov/sba-franchise-directory. If your franchise isn’t on the directory, please contact your local SBA District Office to help you get it added.
- You should review the requirements and guidance provided by the SBA for complete information regarding the PPP. The SBA continues to release updated guidance. For the most updated PPP rules, requirements and other information, visit SBA.gov and Treasury.gov. You may also want to contact your accountant, attorney or other trusted advisors.
Select your business type to start your application:
PPP Overview: first and second-draw borrowersIf you are a first-time applicant, defined as a "first draw," click here for more information.
- Can have no more than 500 employees (or fewer or more for certain business types for certain SBA size standards)
- The loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum (or $20 million for a corporate group)
- Can have no more than 300 employees
- The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum (or $4 million for a corporate group)
- The business must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. In general, a borrower may calculate this revenue reduction by comparing quarterly gross receipts for one quarter in 2020 with the gross receipts for the same quarter in 2019. A business that does not file quarterly or was not in operation for all four quarters of 2019 may still qualify; see the SBA guidelines for details.
- Used or will use the full amount of the first PPP loan for authorized purposes on or before the expected date of disbursement of the second PPP Loan
Links to additional resources
- SBA - Covid 19 Small Business Guidance and Resources
- SBA - Coronavirus Relief Options
- State of California - Resources for Businesses and Employers
- U.S. Department of the Treasury - CARES Act for Small Businesses
Logix Business Services webpages apply to the accounts, products and services available to Logix Business Account Membership established on and after May 17, 2017. If your Logix business account was opened prior to 5/17/17 please contact us at 800-328-5328 to convert your current business account to our new Business Services platform to take advantage of these advertised business accounts, products and services.