Attention Business Members:
The demand for Payment Protection Program loans was extensive and immediate. The program was implemented very quickly, which resulted in multiple changes to it right up to and after it’s initiation. These things combined to create tremendous backlogs and difficulties in the submission of applications to the SBA for approval.
Despite additional funding, we remain concerned about our ability to process the existing applications in our queue in a timely fashion and thus have to put a hold on accepting any new PPP (Payroll Protection Program) applications. This is a very difficult decision, but we do not want to create unreasonable expectations of our ability to process and deliver PPP funds in accordance with the SBA program requirements.
Members who have already submitted a completed application will be maintained for processing, but all supporting documentation must be delivered at the time we submit to SBA or the application will be denied.
We can help you find other solutions for your current Directions Business Loans if you’re having trouble making current payments or need other business loan relief options.
Contact our Business Lending Department at 1-888-508-2228 extension 20128
Thank you for being a Directions Credit Union business member.
Financial Assistance for Members
- Ohio Job and Family Services– Unemployment relief for employees without paid leave impacted by closures and operating restrictions.
- Ohio Liquor– Economic assistance for small businesses needing to return unopened high proof liquor products purchased within the past 30-days.
- S. Small Business Administration– Economic Injury Disaster Loans, that offer small businesses and non-profits necessary capital to survive until normal operations resume following a disaster.
- Development Services Agency– Utility assistance programs have been extended, including the Winter Crisis Program and Home Energy Assistance Program.
- Small Business Owner’s Guide to the CARES Act– Information on programs and initiatives that will be available through the Coronavirus Aid, Relief, and Economic Security Act.
- Internal Revenue Service (IRS)– Updates and information about economic impact payments.