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PPP Second Draw Fact Sheet

February 10, 2021

With partnership and support from the Mission Investment Fund of the ELCA, the ELCA Federal Credit Union (FCU) is now offering the second round of Payroll Protection Program (PPP) loans to congregations and ministries. 

As the COVID-19 pandemic continues, these PPP loans offer much-needed relief by covering a congregation or ministry’s payroll and operating expenses.  Congregations and ministries can apply for a first-time PPP loan, and some may be eligible for a second loan.  The FCU can assist any eligible ELCA congregation or ministry, even if it received its first PPP loan though a different lender. Borrowers will be able to apply for loan forgiveness following the terms of the loan.
 
To review eligibility requirements and apply for a PPP loan, please visit the ELCA FCU’s website, www.elcafcu.org/PPP.  A fact sheet is available here.  
 
The ELCA FCU will be accepting loan applications through March 31, 2021, or until funding is exhausted.