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Business Members we are here for you.

Business Members we are here for you.

Redstone is fully committed to the CARES Act for business members

The Paycheck Protection Program is uniquely positioned to help small business through the COVID-19 pandemic. Redstone is eager to help you take advantage of PPP funds released by the Small Business Administration (SBA) and Department of Treasury.

Redstone will stop accepting new PPP loan applications after 5:00 p.m. CST on May 17, 2021.

Please read eligibility requirements prior to applying.

  • First and second draw PPP loans are now available. Please apply for PPP funding here
  • Questions regarding PPP loans can be submitted via email and will be responded to as quickly as possible. Or, call 256-327-1104; choose option 1, then option 1 again, to leave a message.
  • We will accept PPP loan forgiveness applications until 5:00 p.m. on May 17, 2021. Borrowers have up to 10 months from the end of the covered period to apply for forgiveness. Contact us if you would like to discuss your situation.

Please visit back as additional information will be posted as it becomes available.

If you have PPP loan questions specific to the requirements of forgiveness, repayment, or tax implications, please visit the SBA website or contact your tax professional.

General Eligibility Requirements and Key PPP Updates

  • Must be RFCU member on or before 12/21/2020 to apply. If membership established between 11/21/2020 and 12/21/2020, IRS form 4506T required.
  • Business must have been in operation on or before February 15, 2020.
  • Loan request must be $1000 or more.
  • Ineligible for PPP funding if applicant or owner of applicant is a debtor in a bankruptcy proceeding at time of application or anytime before loan is distributed
  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are eligible to apply for a Second Draw PPP Loan.

Guidelines for a First Draw PPP Loan:

  • Borrower may use 2019 or 2020 payroll documentation for calculating maximum loan amount
  • Available to businesses with no more than 500 employees
  • The refinancing of any outstanding EIDL loan amount for loans made between January 31, 2020 and April 3, 2020 will be included in the calculation of the max loan amount (exclude any EIDL advances).

Guidelines for a Second Draw PPP Loan:

  • Borrower previously received a First Draw PPP Loan and will, or has used, the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  • Documentation required: quarterly 941 tax forms, annual 940 tax forms, 1065 K-1, complete 2019 or 2020 tax returns, or internally/CPA prepared quarterly or annual profit & loss statements.

For more information on the SBA's assistance to small business, visit the SBA website or US Department of Treasury website.

Documents required to open account and obtain loan. See membership and loan application for more details. Loan subject to Small Business Administration (SBA) requirements. Redstone Federal Credit Union® (RFCU®) is an Equal Credit Opportunity Lender.

SBA Loans are government-assisted loans. RFCU and SBA are separate entities.

At least one owner of the business must be, or become, a member of RFCU®, or be in our field of membership in order to open a business account, obtain a loan or use any business service. A minimum balance of $5.00 is required to open and must be maintained in share savings account at all times to become a member. In addition, a business share account must be opened in the business name in order to obtain a loan. Documents required to open account and obtain loan. See membership and loan application for more details. Fees and other restrictions may apply. Loans subject to credit approval. RFCU is an Equal Credit Opportunity Lender.

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