Routing Number: 307070021

Paycheck Protection Program (PPP)

We are currently accepting applications for the newly reauthorized Paycheck Protection Program (PPP) for eligible first-time and second-time borrowers.

To learn more about PPP loans, or to start the application process,
contact us at:

719.593.8600  800.223.1983 
or

CommercialLending@aafcu.com

If I received my first PPP loan from another financial institution, can I apply for a second-draw loan through AAFCU?

Yes. As part of the application process, you must provide the Small Business Administration (SBA) loan number and loan amount from your original PPP loan.

Please Note: If you are not currently an AAFCU member, you will be required to open a business checking account in order to receive PPP loan proceeds.

Paycheck Protection Program Details

The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw PPP Loans the week of January 11, 2021. SBA began accepting applications for Second Draw PPP Loans on January 13, 2021.

SBA is currently accepting Second Draw PPP loan applications from participating lenders.

At least $25 billion has been set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low-income or moderate-income neighborhoods.

Loan Details

The Paycheck Protection Program is intended to provide economic relief to small businesses adversely impacted by the COVID-19 pandemic. The Economic Aid Act extends the authority of the SBA to make PPP loans through March 31, 2021, (or until the allocation of funds in the program has been reached) and revises certain PPP requirements.

The 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.

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 of The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) became law on December 27, 2020.

As part of this end-of-year emergency COVID-19 relief package, additional funding has been allocated to the SBA for the reopening of the Paycheck Protection Program (PPP) for eligible first-time and second-time borrowers.

PPP loans subject to SBA approval. Restrictions may apply. Contact a commercial lending specialist for details.

Paycheck Protection Program Resources

Please use the links below for more information regarding First Draw PPP Loans and Second Draw PPP Loans.

First Draw PPP Loan

Second Draw PPP Loan

For additional PPP information and updates on the Paycheck Protection Program, 

U.S. Department of the Treasury CARES Act

SBA’s Paycheck Protection Program (PPP)

The information contained on this webpage is for informational purposes only. Due to the complexity and evolving nature of PPP rules and guidance, we strongly advise you to seek guidance from your CPA, attorney, or other advisor for any complex PPP eligibility and/or loan forgiveness questions.

PPP loans subject to SBA approval. Membership requirements apply. Restrictions may apply. See a commercial lending specialist for details.