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Important Update to the PPP: We are discouraging any new PPP (Payroll Protection Program) applications at this time. All PPP applications submitted with complete documentation will be processed in the order received. Funding of any and all loans is contingent upon SBA approval.
Paycheck Protection Program.
Important Details for Paycheck Protection Program (PPP) Applicants.
Demand for PPP funding is extremely high. Please take a moment to review some important details surrounding Government’s (SBA) Paycheck Protection Program:
- We (Day Air) are processing applications on a first come, first served basis.*
- We have several loan requests in queue from the first round of funding who have yet to receive SBA approval. These applications will be processed first.
- We expect the second round of funding to be exhausted very quickly. Therefore, we cannot guarantee approval and funding of your loan request.
- If you are a 1099-MISC contractor, or sole proprietor, we have heard from this group they have been successful obtaining funding from the 2nd largest SBA lender in the country, Newtek: https://www.newtekone.com/loans/loan-form/. You may wish to make contact with a financial specialist**
- All applications with complete documentation as of 4/15/20 will continue to be processed, any applications submitted following 4/15/20 will be processed when and if additional funding is added to the PPP program by the SBA.
- To apply with Day Air fill out this application and send it to email@example.com or fax it to 937-643-3885.
- Day Air will only consider applications for existing members in good standing.
- Due to the large volume of requests please allow for 1-3 business days for a response.
- View the U.S. Treasury Department Paycheck Protection Program (PPP) Information Sheet here.
- View the FAQ for the Payment Protection Program (updated 4/7/2020) – click here.
* Day Air makes no guarantees for funding under any program including, but not limited to, SBA7a, PPP, EIDL or otherwise.
**Day Air does NOT have an official partnership with Newtek.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations,tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
More COVID-19 Resources
Impacted services and locations.
Borrower Assistance Programs for members.
Paycheck protection program for small businesses.
Economic impact payment (stimulus check) details for members.
CARES Act summary for Day Air members.
How to access your account digitally.
Associate and Community support throughout the COVID-19 situation.
Safety and soundness of Day Air Credit Union.
Protect your money from Coronavirus scams.
Local, state and national resources for our members.