WE ARE IN THIS TOGETHER
As the novel coronavirus (COVID-19) has an increased impact in Clackamas County and throughout the nation, we are here to support you and keep your business running.
Our Board of Directors and Management Team are ready to ensure our service to you is uninterrupted and remains at the highest level possible.
Our teams are closely monitoring information from local, state and federal health officials to ensure that we are acting consistently with recommendations and guidelines from those agencies.
Ensuring our employees have the information they need to stay healthy and that they stay home if they are not feeling well. If wait times increase slightly as we strive to ensure everyone’s health, we apologize for the inconvenience and appreciate your patience.
Increasing the frequency with which we disinfect surfaces, apply hand sanitizer, and wash our hands. We may not be shaking hands to greet you during this outbreak, but we are still here to provide the same friendly service.
PAYCHECK PROTECTION PROGRAM
We are currently accepting new loan applications for the Paycheck Protection Program!
You may be eligible1 for a loan under the Paycheck Protection Program which is administered by the U.S. Small Business Administration (SBA). The program was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, and was specifically designed to help small businesses keep their workforce employed. Although the program details are still under review by the plan Administrator and are subject to change, here is what you need to know and how to be prepared to submit an application with Clackamas. Keep in mind that additional requirements may apply.
Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries can apply. Business must be located in Clackamas County and eligible for membership at Clackamas Federal Credit Union.
Maximum loan amount up to $10 million, and will be based on two months of average monthly payroll costs from the prior year plus an additional 25% of that amount.
You can apply for loan forgiveness for proceeds used for payroll costs and other designated expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs). In addition, employee and compensation levels must be maintained.
All loans under this program will have the following identical features:
|» Interest rate of 1.00% APR|
|» Two year maturity|
|» No payment for six months|
|» 100% guarantee by SBA|
|» No collateral|
|» No personal guarantees|
|» No borrower or lender fees payable to SBA|
Clackamas is committed to helping the businesses of Clackamas County during this public health emergency. Click the button below to apply now! Please gather the following items in PDF for easy submission:
|» Documentation of payroll for the preceding calendar year|
|» Documentation of payroll through February 15th, 2020|
|» 2019 Schedule C for all sole proprietors|
|» Proof of business organizational documents, ownership, and signing authorities|
|» Must qualify and open a membership with Clackamas prior to loan approval|
|» Additional documents may be required as the program develops|
Mobile Deposit Limit Changes
To help facilitate remote banking for business members we have increased the daily limit for mobile deposits through our mobile app to $10,000. If you need a daily limit greater than $10,000 please click here to fill our contact form with your request. Please note our regular check hold times still apply and deposits will be processed according to the normal schedule.
To get started with mobile deposit, visit the Apple App Store or Google Play Store to download the Clackamas app on your mobile device. Login using your existing Online Banking credentials, or register for credentials by tapping “Not Registered” and following the steps. Once you have registered and created your credentials you are ready to login! We should also mention, you will use the same username and password when logging in to Online Banking using a computer.
With mobile deposit, you’ll be able to deposit a check on your schedule and from anywhere! Simply click on “Mobile Deposit” in the menu options and follow the directions. Don’t forget to endorse each check with your signature and write “For Mobile Deposit Only at Clackamas” on the back.