Paycheck Protection Program

Frontwave Now Accepting Applications

At Frontwave Credit Union, we’ve always been champions of the folks who pull up their bootstraps and get stuff done. From the small brewery owners and mom-and-pop retailers, to the self-employed web designers and artists, we see your passion for doing what you love and it inspires us. That’s why we’re committed to helping you in both good times and uncertain times.

If your small business has been impacted by the coronavirus (COVID-19) outbreak, Frontwave is here to help. We are accepting applications for the Paycheck Protection Program (PPP), backed by the U.S. Small Business Administration. The Paycheck Protection Program is a forgivable loan program designed to help small businesses continue to pay their employees and their overhead during these challenging times. That way you can quickly get back on your feet — and back to doing what you love — when the coronavirus crisis passes.

What You Need To Know:

We are accepting applications from eligible small businesses in our communities. While we will work to include as many eligible small businesses as possible in this program, it is important to understand that applications do not guarantee a loan, and there is a limited amount of funds available for this program. We urge all  local community businesses to investigate all other financial institutions, in addition to business assistance programs through local, state, and national agencies. This application is exclusively for the Paycheck Protection Program.

Who’s eligible to apply?

To be eligible to apply for a Paycheck Protection Program loan through Frontwave, a small business must be located in San Diego, San Bernardino or Riverside county. If the loan is approved, the business must open a membership with Frontwave (if they don’t already have one) before the funds can be disbursed.

What’s the deadline to apply?

June 30, 2020 – but because funds are limited, it’s best to apply as soon as possible.

How do I apply?

If you meet eligibility requirements, please email us at with your contact information and you will receive a call back from a Frontwave Member Service Representative with additional information and instructions on next steps. 

What can the funds be used for?

The SBA Paycheck Protection Program provides small business with funds to pay up to 8 weeks of payroll costs, including benefits. Funds can also be used to pay rent, utilities, and interest on mortgages, provided these services and agreements began before February 15, 2020. To learn more about exactly what’s covered, check out the SBA’s Paycheck Protection Program Information Sheet for Borrowers.

What’s the interest rate?

1.00% fixed rate.

When will I have to pay the loan back?

The term of the loan is 2 years. Payments are deferred for the first 6 months, though interest will still accrue during this time. If certain conditions are met, you may be able to apply for loan forgiveness. This means you may not have to pay the loan back in full. For more information about conditions for loan forgiveness click here.

How much of the loan will be forgiven?

As long as your business uses 100% of what is borrowed to make payroll and to pay eligible expenses, such as utilities, rent and/or mortgage interest, the loan will be forgiven in full.

However, you will owe money when their loan is due if you use the funds for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. No more than 25% of the forgiven amount may be for non-payroll costs.

Businesses will also owe money if they do not maintain their staff and payroll.

  • Number of Staff: Loan forgiveness will be reduced if full-time employee headcount is decreased.
  • Level of Payroll: Loan forgiveness will also be reduced if salaries and wages are decreased by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring: Businesses have until June 30, 2020 to restore full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

How do I submit a request for loan forgiveness?

The request must be submitted to Frontwave Credit Union and must include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that they used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. Frontwave will make a decision on the forgiveness within 60 days of receiving the request.

Where can I learn more?

For general information about the Paycheck Protection Program, visit the U.S. Small Business Administration’s website. For questions about applying for a Paycheck Protection Program loan with Frontwave Credit Union, please email us at

We’re doing all we can to help as many eligible local businesses as possible. But it’s important to understand that the funds for this program are limited and that applications do not guarantee a loan. We urge all Members and local businesses to also investigate other available Financial Assistance Programs, including those available through Frontwave Credit Union as well as other local, state and national institutions and agencies.

Helpful Links:

U.S. Small Business Administration

California Governor’s Office of Business and Economic Development