Covid-19 Information and Resources

Small Business Administration (SBA) Paycheck Protection Program

Elevations has partnered with Kabbage to offer Small Business Administration (SBA) Paycheck Protection Program loans to our members. Kabbage provides funding up to $2 million directly to small businesses with a secure, fast experience from reviewing applications to servicing loans. These federally guaranteed loans are designed to help small businesses keep employees on their payroll and pay overhead costs during this time.

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Elevations has partnered with Kabbage to offer Small Business Administration (SBA) Paycheck Protection Program loans to our members. Kabbage provides funding up to $2 million directly to small businesses with a secure, fast experience from reviewing applications to servicing loans. These federally guaranteed loans are designed to help small businesses keep employees on their payroll and pay overhead costs during this time.

What is the Paycheck Protection Program?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes funds designated to help small businesses. Called the Paycheck Protection Program (PPP), this initiative is a $349 billion loan program that provides 100% federally guaranteed loans to small businesses through lenders like Elevations.

The SBA may forgive these loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Loan terms and forgiveness are determined by the SBA and the same for all borrowers, regardless of their lender. For more details about these loans and loan forgiveness from the SBA, please visit their website.

Can my business apply?

Current eligible businesses include all sole proprietorships and small businesses — including 501(c)3 nonprofits, veterans organizations, and Tribal business concerns — with 500 or fewer employees. Additionally, there are special eligibility rules for businesses in the accommodation and food services sector (NAICS 72). Starting on Friday, April 10, self-employed individuals and independent contractors may also apply. Please review eligibility on the SBA’s website.

How do I apply?

To apply, please click here.

What documents will I need to provide with my application?

Kabbage has a complete list of documents you’ll need available in their resource center.

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Have questions?

Please reach out to your Business Banking Relationship Manager. We are here to help you.

Boulder
Kevin Baughman
Kevin.Baughman@elevationscu.com
Boulder Diagonal
Tom Beckett
Tom.Beckett@elevationscu.com
North Denver Metro
Juan Evans
Juan.Evans@elevationscu.com
Boulder
Courtney Gimeno
Courtney.Gimeno@elevationscu.com
Louisville, Lafayette & Broomfield
Michaela Hayes
Michaela.Hayes@elevationscu.com
Longmont & Greeley
Naomi Perez
Naomi.Perez@elevationscu.com
Broomfield
Todd Peyok
Todd.Peyok@elevationscu.com
Broomfield
Ruben Rios-Blanco
Ruben.Rios-Blanco@elevationscu.com
Fort Collins & Loveland
Nadine Trujillo-Rogers
Nadine.Trujillo-Rogers@elevationscu.com

Additional Information for Members

To help you stay informed during this time, we’ve put important resources and our latest updates in one place.

Learn more

Additional Information for Members

To help you stay informed during this time, we’ve put important resources and our latest updates in one place.

Learn more

We’re here to help.

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A local one is even better.

*Credit qualifications and membership required. All Credit Union loan programs, rates, promotions, terms and conditions subject to change anytime without notice. Loans are subject to credit approval and underwriting. Financing only available on Colorado properties.

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Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.