As more and more churches and small businesses struggled to obtain PPP loan financing with larger, better-known banking institutions – America’s Christian Credit Union (ACCU) stepped into the void to assist its members nationwide – regardless of their size. As the CARES Act legislation was being finalized, ACCU responded rapidly, constructing a loan processing portal allowing all business account holders to apply for PPP loan funds through ACCU immediately.
Shortly thereafter, and through the SBA’s extension on the PPP application period through 8/8/2020, ACCU continued to reach out to eligible non-member churches, ministries, camps, schools, businesses, independent contractors, and sole proprietors, inviting them to join the credit union and apply for Paycheck Protection funds.
To date, ACCU has received over 1,500 requests for PPP loan assistance, which resulted in funding over $57 million in PPP loans for small business owners, non-profits, and churches throughout the United States. In the weeks that followed, ACCU received hundreds of thank-you notes from its members – many of whom are churches and denominations – expressing gratitude and affirming the credit union’s service mission.
“We applied for the Paycheck Protection Program loan almost a month ago through our bank…They were slow to get our application in and as a result, funds ran out. When the fund was replenished by the government, I received an email from ACCU offering me to apply through them since they were just approved as an SBA lender. Within a matter of days, I got immediate attention which allowed me to set up a new business account and apply for the loan. We have now received the PPP funds and my bank still hasn't submitted our application from nearly 4 weeks ago. We really needed these funds to continue to pay our staff and operate our mission work in the inner city. ACCU's attention to me made it all possible. We are truly blessed. The Lord used ACCU and the staff there to meet our needs in a very special way. Thank you, thank you, thank you!!” wrote Jeffrey Chadwick of Mission Centers of Houston.
Now that the funding window has closed, ACCU has set its sights on loan forgiveness, a critical phase of the PPP loan process. (Qualifying borrowers stand to have their PPP loan forgiven by the federal government upon demonstrating that the loan proceeds were used for payroll and other qualifying business expenses). On August 12, ACCU announced its creation of an online PPP forgiveness portal, scheduled to go live before the end of September, with the goal of making the forgiveness process as simple and streamlined as possible.
“2020 Pandemic will be a year in history when we will be asked by our children and grandchildren what it was like. Providing the much-needed financial relief to hundreds of non-profits and small businesses across the country with the PPP loans was a historic moment for us. It’s also important to note that close to 48% of the funded loans went to small businesses and low- and moderate-income neighborhoods. Each loan represents lives and livelihoods that we care for deeply and pray for fervently. ACCU is committed to supporting and standing with our members and their families through this season and for life.” said Vicki VannBerstein, ACCU President/CEO.