Paycheck Protection Program (PPP)
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program on Friday, January 15th, 2021. At this time CCF is only accepting PPP applications for existing Small Business Account members.
Who can apply?
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.
- A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
What can I use the loan for?
Second draw PPP loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Where can I find more information?
How do I apply for a PPP loan?
To apply for a PPP loan please follow the steps outlined below.
Step 1: Download and fill out each of the forms located below. An application cannot be accepted unless all required forms are completed.
If you have questions about the application or the information you are required to provide, please email us at CornerstoneSBA@CCFinancial.com
or call us directly at (800) 777-6728 ext 119.
Step 2: Gather all supplemental items as outlined in the Loan Checklist (above), including all supporting payroll documents.
Step 3: Once you've filled out all application forms and gathered the required documentation, please return to us via:
- Email: CornerstoneSBA@CCFinancial.com
- Conversations: Login to Online Banking to send a secure message and attach your documents in the Message center
- Select Messages from your menu on the left
- Select "Start a Conversation" on the right
- Fax to: (248) 373-1297 - Attention: Cornerstone SBA
We are doing everything we can to assist each one of our business members, and we appreciate your patience as we quickly adapt to your changing needs. If you have questions and would like to speak with a CCF team member, please call: (800) 777-6728 ext 119.
Please review the resources below if you are a small business owner and are in need of assistance. Here you will find links to additional support information and answers to FAQs as they relate to the CARES Act.