Business Relief

Current Business Borrower Support

 

The Board of Directors, Management and Employees of American Heritage stand with our business members and we are here to help you through these challenging times. If you need to speak with us about additional payment relief, please contact us at 215.969.0777.


Pineapple Icon

Business Relief PPP Loan Program

 

Business members who received a prior PPP loan through American Heritage are invited to submit a Round 2 PPP application with us for additional funds. To be eligible to apply for Round 2 PPP funding, you must meet the following criteria:

  • Fewer than 300 employees (subject to certain conditions).
  • You must have met all of the criteria outlined in Round 1, plus be able to demonstrate at least a 25% decrease in revenue over the reference period between Q2 2019 and Q2 2020.
  • Your business has used, or will use the full amount of the first PPP loan.
  • You must have received your PPP Round 1 loan from American Heritage. If you received your PPP Round 1 funding from a different lending, you should go back to that original lender for Round 2.

Additional tips:

  • Loan amount is calculated by multiplying your Average Monthly Payroll by 2.5, up to a cap of $2 million across affiliates.
  • Applications for loan amounts under $150,000 only require the application to be completed and signed; Applications for loan amounts of $150,000 and over require the application in addition to documentation demonstrating the 25% decline in revenues for the reference period.
  • Existing American Heritage business members who have never taken a PPP loan previously from any institution may apply for a PPP Round 1 loan utilizing the PPP Round 1 application that will be available soon and supplying the required documentation.
  • Please ensure you read the application in its entirety to determine eligibility is met.

How to Apply:

  • Members should download the application from the link below and email their completed application along with documentation (if necessary) to newppploan@mbfs.org, our commercial lending affiliate, as well as commerciallending@amhfcu.org
  • For questions related to any PPP loan please call our Commercial Lending team at 215.969.0777 Ext. 2789
  • Please note that American Heritage will be prioritizing the processing of PPP Round 2 applications before processing any PPP Round 1 applications

Applying for a PPP loan does not guarantee your loan will be approved. PPP Second Draw Borrower Application

Download the PPP Second Draw Borrower Application

Additional Resources

In addition to support programs provided by American Heritage and Federal government resources, states are also providing relief programs. Although American Heritage does not administer state programs, we encourage you to learn more.

Additional SBA Support: Other SBA business loan programs available include the Emergency Economic Injury Grant, Economic Injury Development Loan, Small Business Debt Relief Program (available for pre-existing SBA loans). To keep up to date on all available loan programs, or to apply for an Economic Injury loan, please visit the SBA website at www.sba.gov.

Pennsylvania Businesses Support: The COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak. To learn more about eligibility and to apply, you can contact one of Pennsylvania’s Certified Economic Development Organizations (CEDO). To learn more about Pennsylvania’s CWCA program, click here.

New Jersey Business Support: The New Jersey Economic Development Authority (NJEDA) has launched a suite of new programs designed to support businesses and workers. The initiatives include grant programs, zero-interest loan programs, funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Additional details on the NJEDA’s new programs, including eligibility requirements are available here.

For additional information about COVID-19, get the latest report from the Centers for Disease Control at cdc.gov or your local health department website.



Pineapple Icon
paper-pen

Ready to open a business account?

Before you get started, let’s make sure you have everything you need: Personal information and identification for all signers & All business-related documentation. If you have any questions, contact a Business Services Representative at 215.969.2883.

Pineapple Icon

Additional Account Form

We created this Account Form so you can easily request an update to your Business Account:


Pineapple Icon
touch screen

Online and Mobile Services

Take advantage of our Online Teller and Mobile Teller app — you can easily check balances, make transfers and pay bills through these free tools, without having to leave your home or come to a branch.

Pineapple Icon

We will continue to closely monitor impact of COVID-19, as well as local and national economic conditions, and evaluate additional measures to support our members and the communities we serve.

For additional information about COVID-19, get the latest report from the Centers for Disease Control at cdc.gov or your local health department website.

The Board of Directors, Management and Employees of American Heritage stand with our members and we are here to help you through these challenging times.  We deeply appreciate your membership, and your well-being is our top priority.


Pineapple Icon