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Michigan Credit Union League


Families First Coronavirus Response Act | CARES Act

SBA Small Business Support
Credit Union Information and Resources


Additional Guidance on the Paycheck Protection Program


Become a New SBA-Approved Lender

A broad set of additional lenders can begin making loans as soon as they are approved and enrolled in the program. To apply:

  • Download and complete the CARES Act Section 1102 Lender Agreement
  • Attach a Certificate of Incumbency with your completed lender agreement application.
    • Note: SBA does not have a template for a Certificate of Incumbency at this time. The Certificate of Incumbency basically identifies the persons who are in a position to have legal authority to sign on behalf of the credit union.
    • Attach a document listing your credit union’s officers and directors and their terms of office. It needs to be signed by the Secretary and have the credit union seal. Just attach and submit with the SBA form. It does not have to be filed anywhere.
  • Submit application to to apply with the SBA.
  • For questions call the Lender Assistance Hotline: (833) 572-0502
  • For additional lender information check out the PPP Lender Information Fact Sheet from the U.S. Department of the Treasury.


The CARES Act includes resources such as the Payment Protection Program and Loan Forgiveness and Emergency Economic Injury Disaster Loan Grants to support for small businesses (with fewer than 500 employees) through this COVID-19 period of uncertainty.

  • The Payment Protection Program (PPP) would provide cash-flow assistance through 100% federally funded guaranteed loans to employers who maintain their payroll during this COVID-19 emergency.
    • If employers maintain their payroll, the loans would be forgiven.
    • Benefits include: forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees and at least six months of deferral with maximum deferrals of up to a year.
    • Small businesses and other eligible entities are able to apply if they were harmed by the Covid-19 emergency between February 15, 2020 and June 20, 2020.
    • Loans are available through June 30, 2020.
    • To apply, visit an SBA approved lender. (List of Michigan credit unions can be found below)
  • Emergency Economic Injury Disaster Loan (EIDL) Grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by the COVID-19 emergency.
    • Funds are provided within three days of applying for an SBA Economic Injury Disaster Loan (EIDL) and requesting an advance.
    • The advance does not need to be repaid under any circumstances and may be used to keep employees on payroll, pay for sick leave, cover increase production costs due to supply chain disruptions or pay business obligations including debts, rent and mortgage payments.
    • To apply, visit

A fact sheet for small businesses with details of the CARES Act benefits, including FAQs on each program, can be found here.

For Credit Unions

Emergency Economic Injury Disaster Loan

  • Your credit union does not have to be SBA-approved to assist members with the EIDL loans.
  • The EIDL application is online and those funds come directly from the U.S. Treasury.
  • We know some Michigan credit unions are already assisting members with these loans and we hear that members can have an advance of $10,000 deposited into their account very quickly.

The Payment Protection Program

  • The PPP loans are run through the SBA.
  • We received more detail on the PPP loans yesterday from the Treasury Department, which can be found here.
  • We are still reviewing whether credit unions can request these loans for their own payroll.
  • To work with businesses on these loans, the credit union needs to be SBA-approved and lenders do earn fees. 
  • A broad set of additional lenders can begin making loans as soon as they are approved and enrolled in the program. New lenders will need to submit their application to to apply with the SBA.
  • Application information and forms can be found on the U.S. Department of Treasury Assistance for Small Business page.

Content to Share with Membership

For additional content and information to share with your membership, visit the Small Business Assistance page at


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