Credit Union PPP applications are no longer available. Sierra Pacific offers other traditional loan options that may work for your business.

What is PPP?

The Paycheck Protection Program is a forgivable loan backed by the Small Business Administration (SBA). The program is intended to help small businesses keep their employees during the COVID-19 pandemic.

  • PPP loans applications go through local lenders like Sierra Pacific
  • PPP funds can be used for business payroll, mortgage, rent, lease, or utility expenses
  • Businesses can make first and second draws on their PPP loans. Sierra is accepting applications for both
  • Funds can be used for 8 to 24 weeks of eligible expenses, starting the day you receive your PPP loan
  • Payments are deferred up to 10 months after the covered period
  • Borrowers can apply for forgiveness anytime from when the requested funds have been used up to the loan’s maturity date

Loan Forgiveness

Good news! Your PPP loan could be completely forgiven, and Sierra’s team is accepting forgiveness applications.

  • You should apply for forgiveness through your original PPP lender
  • You can apply for forgiveness once all the loan proceeds you’d like forgiven have been used. You can apply for forgiveness any time up to the maturity date of the loan.
  • If you don’t apply for forgiveness within 10 months after the last day of your covered period, then PPP loan payments are no longer deferred and you’ll start making payments to your lender.

Forgiveness Applications

If your PPP loan was through Sierra Pacific, we’re ready to help you apply for forgiveness.

If you used another lender for your original PPP loan, you should work with them to process forgiveness applications.

Forgiveness Criteria

To have your PPP loan fully forgiven by the SBA, you have to meet strict use criteria. These criteria are meant to make sure businesses are using PPP funds for their intended purposes: keeping people employed and keeping small businesses alive. Make sure you understand the eligible uses and required documentation for your PPP funds from the get-go, and plan ahead to make the forgiveness process easier.

  • Eligible Expenses: Payroll, Business Rent or Lease Payments, Business Mortgage Interest Payments, Business Utility Payments
  • 60/40 Rule: 60% of PPP funds (or more) must go toward payroll costs, excluding independent contractors.
  • Staffing Requirements: You must keep the same number of employees through your covered PPP period. This number must be equal to your employees in either of these periods: 2/15/2019 to 6/30/2019, or 1/1/20 to 2/29/20.
  • Pay Requirements: You must maintain at least 75% of the salary of each employee.


You’ll have to provide documentation to show your PPP funds were used for eligible expenses when applying for forgiveness. The SBA has a list of required documents here, and your lender will help make sure you have everything you need.

Let Us Help

Please note that Sierra is no longer offering PPP loans.

Complete the form below, or reach out directly, for information on alternative lending options for your business.


Megan Mathias

Director of Lending

(775) 834-4579

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Sierra Pacific Federal Credit Union