As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress authorized a $349 billion bank loan program for businesses, commonly referred to as the
Paycheck Protection Program (PPP).
Since the launch of the PPP in early April, the First Commerce Business Services team has worked tirelessly to process hundreds of applications for our members, resulting in millions of dollars in assistance going directly to help our local businesses including keeping people employed.
On Thursday, April 16, the federal government announced the initial round of PPP funding has been fully allocated. Due to the lapse in available appropriations funding, the Small Business Administration (SBA) has closed its PPP loan application portal.
Congress is currently considering another round of funding for the PPP program. For members who have submitted applications through First Commerce’s web site within the past few days, we are keeping your applications on file until Congress authorizes additional funding and the SBA reopens their portal. At this time, we have not received guidance on the potential timeline. We will be in touch with you as soon as we know more. In the meantime, for the latest updates as they become available, please visit our website at
FirstCommerceCU.org and go to our
COVID-19 page, then our
Paycheck Protection Program page.
In the meantime, if you have specific questions or need other assistance, please contact us at
BusinessServices@FirstCommerceCU.org or by leaving a voicemail by calling (850) 488-0035, pressing 1, and then extension 2030. Call volumes and inquiries are high at this time and we appreciate your patience as our team works to get back to every one of you as soon as possible. We are committed to helping you during this difficult time.
In the meantime, stay safe and well.
