Business COVID-19 Resources

The Centre County COVID-19 Relief Block Grant is now accepting applications through September 11, 2020. These funds are to help locally operating, small businesses that are struggling as a result of the pandemic. For more information and to apply, please visit https://centrecountypa.gov/2207/CRBG-Small-Business-Application

The SBA has released 2 new updated Paycheck Protection Program Loan Forgiveness Applications along with application instruction sheets; all of which can be found below.   The 2 applications consist of a standard form along with an “EZ” form which can be used in certain situations as more fully described in the EZ form’s instructions.  We would recommend starting with the EZ form instruction sheet to determine if you can use the EZ form before trying the standard form. 

      A note for self-employed Borrowers….   Prior guidance stated that self-employed Borrowers were only allowed to use 75% of the loan proceeds for “owner compensation.”  The remaining 25% had to be used for other qualified non-payroll expenses.  Per the instruction sheets, the new applications appear to ease that requirement as follows:

  • If you elect to use an 8-week covered period; the most you can claim as owner’s compensation is 8 weeks of compensation.  This equates to 75% of the PPP loan proceeds as described above and in past guidance.  The remaining 25% of proceeds would still need to be spent on qualified non-payroll expenses to be eligible for loan forgiveness.
  • If you elect to use a 24-week covered period; you can claim the 2.5 month equivalent as owner’s compensation (in other words, 100% of the PPP proceeds).

PPP Loan Forgiveness Instructions

PPP Loan Forgiveness Application

PPP EZ Form Instructions

PPP EZ Form Application

SPE is happy to begin processing your applications for the SBA’s Paycheck Protection Program pursuant to yesterday’s guidance from the SBA!  Attached with this posting are the SBA’s Application, a checklist of items required to process your request, and a spreadsheet which you can use to help calculate your allowable loan amount (the worksheet will automatically calculate the loan amount based on what you enter in the “salary list” section) .  Please complete and sign the Application and submit that application, along with the necessary supporting documentation, to businessbanking@spefcu.org.   We have multiple members of our team accessing this email in an effort to process these requests as quickly as possible.  If you’ve already submitted information to us, we ask that you review the checklist and provide us with any additional information that may be required.   Thank you!

Late last evening, the SBA released additional guidance for its Paycheck Protection Program. SPE is working with its SBA Lender Service Provider to develop a final checklist of items that you will need to provide along with your Paycheck Protection Program application. We wanted to share some items that we believe will be included on this list to help give you a head start in your information gathering. Please note that this list is preliminary and subject to change. We anticipate that you will need to provide:

*Your Organizational Documents (Articles of Incorporation / Organization as well as By-Laws / Operating Agreements)

*Copies of payroll tax reports filed with the IRS for the entire year of 2019 (most likely your W-3 but may also include IRS form 941)

*Documentation reflecting health insurance premiums paid by the company as well as retirement plan funding if those costs are including within your average monthly payroll calculation

Again, additional information may be required and we will provide a final checklist as soon as it is available. Please continue to check back to our website as well as our Facebook page for further updates throughout the day.

Also, please note that per the SBA guidance you cannot include those that you pay as independent contractors in your payroll calculations. This was a fairly common question. However, per the SBA’s guidance, independent contractors are their own business and are able to apply separately.

As of this afternoon, the Small Business Administration is still in the process of finalizing the details and Standard Operating Procedures of the Paycheck Protection Program. SPE is committed to helping the members of its business community. However, these details will need to be finalized before SPE can officially begin processing Paycheck Protection Program applications. We will continue to provide additional details as they become available. We appreciate your patience!

SPE is hard at work preparing for the SBA’s Paycheck Protection Program.  To date, the SBA has provided a Program Overview, Borrower’s Fact Sheet, and Application Form to provide you with additional information as you prepare your application, all can be accessed below.  We will share additional details as the SBA finalizes the program.  In the meantime, please feel free to contact a member of SPE’s Commercial Lending Team if you have any questions.

As our nation deals with this situation, your SPE Commercial Lending team remains committed to serving you and your small business while reducing and minimizing exposure to any health threats. At this time, Ken and Charlie on our Commercial Lending team are available by phone, email, and by appointment on a case-by-case basis.

Our team is ready to provide lines of credit and working capital loans; both of which can help our small businesses get access to the capital they need to get through this extraordinary time.

Ken and Charlie are also available to provide guidance and work through options for financial and payment assistance options, loan modifications, payment deferral options, interest-only loan payments, and much more.

If you need to chat about options or resources, please do not hesitate to reach out to one of our commercial team members.


Contact our Commercial Lending Team at:

Ken Schirling, Commercial Lender –
Email: Ken.Schirling@spefcu.org
Phone: (814) 238- 9619 ext 2258
Cell: (814) 424 – 5412

Charlie Kasper, Member Busines Loan Portfolio Manager –
Email : Charles. Kasper@spefcu.org
Phone: (814) 238-9619 ext 1111

The Economic Injury Disaster Loan (EIDL) is also currently being offered through the U.S Small Business Administration. Small business owners are now eligible to apply for this long-term, low-interest loan due to the Coronavirus. According to the SBA, “The Economic Injury Disaster Loan Program (EIDL) provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.”

Small business owners and non-profits also have the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven. If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

US Small Business Administration Coronavirus Guidance

US Small Business Administration Disaster Loan Assitance

US Chamber of Commerce Coronavirus Response Toolkit