Frontwave Gains SBA Approval to Accept Applications for Paycheck Protection Program
4/28/2020 12:00:00 AM
Oceanside, CA — As part of its commitment to fighting for its Members and the communities it serves, Frontwave Credit Union announced today that it has been approved by the Small Business Administration (SBA) to accept applications for the Paycheck Protection Program (PPP).
The Paycheck Protection Program, backed by the U.S. Small Business Administration, is a loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll. After running out of funds in its initial two weeks, the program was reauthorized and relaunched on Monday, April 27, to provide an additional $310 billion in loans to small businesses nationwide. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
“We’ve always been inspired by the pull-yourself-up-by-the-bootstraps passion of small business owners. They’re the backbone of our community. And we know that times are especially tough for them right now,” said Bill Birnie, President/CEO of Frontwave Credit Union. “Even though we have not been an SBA lender, we applied to participate in the Paycheck Protection Program because we wanted to make sure we’re doing everything we can to help local small businesses survive this crisis, and even thrive once it’s passed.”
Frontwave is committed to helping Members find solutions that will help them stay financially stable during this uncertain time. In addition to Paycheck Protection Program loans, the credit union is also offering personal financial assistance loans, loan extensions and skip-a-payment options. Any affected Members are encouraged to visit frontwavecu.com/wecare or call 800.736.4500 to learn more.
About Frontwave Credit Union
Frontwave Credit Union is a member-owned not-for-profit financial institution serving San Diego, Riverside, and San Bernardino Counties. Frontwave Credit Union provides a portfolio of financial products and services including checking and savings accounts, auto loans, mortgage loans, credit cards, home equity loans, and financial planning. Forged in 1952 as Camp Pendleton Federal Credit Union in Oceanside, California, Frontwave has grown from 8 civil service employee members and $40 in assets to more than 100,000 members and more than $900 million in assets. Frontwave Credit Union is continuously recognized as a best place to work in Southern California, winning the Peter Barron Stark Award for Workplace Excellence again in 2019.