A Message from CARFCU President Tony Launi on PPP
Capital Area Realtors FCU Routing & Transit #255077639

We support REALTORS® by facilitating PPP loans.

Simplifying the PPP process

Loans Up To

2.5x

Average Monthly Payroll Costs
Deadline To Apply

Closed

The SBA is no longer taking applications

Paycheck Protection Program (PPP) Loan

The PPP program is now closed

To All Our New Members/PPP Applicants –

We thank you for the opportunity to serve you amidst this pandemic. We are constantly reminded by and encouraged by the strength of our Realtors and their passion for their respective communities.

Our communities will be stronger after this pandemic, which too, will pass. We look forward to your continued partnership and future needs.

Sincerely,
Anthony Launi, President

 

For applicants who have already applied through CARFCU, please feel free to reach out to our team at ppp@carfcu.org, or by calling us at 240-451-9545.

PPP Loan

Get much needed support for your business.

Per SBA guidelines:

  • For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. 
  • PPP loans have an interest rate of 1%.
  • Loans have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (between 8 weeks and 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Per SBA guidelines, companies qualify for a PPP loan if they are:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

 

Per SBA guidelines, companies qualify for a Second Draw PPP loan if they:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Have no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Per SBA guidelines, your loan may be forgiven if:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses, and at least 60 percent of the proceeds are spent on payroll costs

We know the PPP process can be complicated. We’ve helped dozens of our members both apply for and get forgiveness of their loans. Our expert team is here to help navigate and simplify the PPP process.

A Message from CARFCU President Tony Launi on PPP

To All Our Member Applicants & Realtor Prospects –

It is my solemn privilege to write to all of you this evening. Serving as President of Capital Area Realtors Federal Credit Union (CARFCU) for over 30 years, I can honestly say the past year has been unlike anything I’ve ever experienced. 

Since launching an expanded PPP Program, our staff has received multiple inquires about our legitimacy, our services and of course, the status of PPP applications.

I would like to take a moment to address some of these questions and concerns.

CARFCU – I never heard of you?

We recognize, especially for our PPP applicants outside Greater Washington DC area, why a few have called requesting CARFCU history. We have spent the majority of our tenure servicing those local to DC/MD/VA. It is against the backdrop of a global pandemic, robust financial strength and newfound resources that we felt an obligation to expand our reach outside our immediate footprint to help those who have been impacted adversely by this pandemic.

Our Federal Charter has existed for over 50 years and regulated by the National Credit Union Association (NCUA), but I encourage everyone to review our charter & associated financials: Charter #20543. Our registered NMLS #:811806. We also earned and maintain an NCUA Low Income Designation showing our significant efforts to reinvest in low-to-moderate income areas here in the Capital Area.

What’s with the Delay on my PPP Funds? 

I’ll address this question in two parts. Certainly the more obvious of the two is that with an extension of the SBA Deadline, financial institutions and lenders at large have seen an influx of applications that have created a bottleneck. 

Secondly in a digital world, cybersecurity is of paramount importance and the protection of our members is second to none. We have spent time and invested significant resources into the protection of your data to insulate us from phishing, malware, and other forms of cyber attacks. Cyber attacks continue to grow and associated scams have only increased with PPP funding.

Not only are we conservative and asking for excess documentation to fund your loans the first time, but, we are doing our channel checks to protect our members and Credit Union from fraudulent applicants. This is truly time-consuming but in the best interest of our members.

As a Realtor, should I consider CARFCU for the Long Term?

With no hesitation, I continue to believe that we understand Realtors, bar none. Our Board brings over 100+ years of Real Estate, Mortgage Lending. Legal and Commercial Banking experience.

Further we truly continue to innovate in the interest of Realtors and their end users as we expand partnerships with Fintechs, Banking Partners and other investors who share our Ethos.

We are able to operate a bespoke model to truly cater to our members and deliver. From savings accounts to auto loans to mortgages rates, we remain fiercely competitive.

We have always believed that Realtors are the “eyes and ears” into the needs of their local communities and have the ability to make the most difference as it relates to homebuying, and financial literacy. 


Concluding Thoughts

Our Board of Directors, our Staff and the PPP Team continue to be ever vigilant in our efforts to best serve you.

It is both a pleasure and an honor to assist Realtors during this pandemic. This too shall pass, and we will re-emerge stronger than before. 

We’d be honored to have you join us and continue to grow with us as we endeavor to help those who need it most.

Sincerely,

Anthony Launi, President