The National Institutes of Health Federal Credit Union (NIHFCU) participated in the first phase of the Paycheck Protection Program (PPP) through the Small Business Administration. Healthcare businesses and practices had access to this program so they could stay open. To date, the NIHFCU PPP has helped keep more than 500 healthcare professionals in the Washington D.C. Metropolitan area from the unemployment line due to COVID-19.
The PPP allowed small businesses to obtain funds for payroll and other qualified expenses. Because the initial funding was quickly exhausted, a second phase of funding will be available beginning Monday, April 27, 2020 and will remain available until the appropriated funding is exhausted.
“During these uncertain times, we must provide more support than ever before,” said Senior Vice President/Chief Lending Officer, Frank Amantia. “The NIHFCU’s Paycheck Protection Program offers just that. It can help bring solace to our healthcare workers who put their lives at risk every day knowing they will still have a job the next day.”
The NIHFCU is also supporting healthcare workers through their recently launched website, SendaMessageofHope.
About NIHFCU
The National Institutes of Health Federal Credit Union (NIHFCU) is a full-service not-for-profit financial co-operative based in Rockville, MD. With assets over $675 million, and its network of branches, ATMs and digital banking systems, the NIHFCU currently serves over 41,000 members, primarily healthcare and biomedical professionals in Maryland, North Carolina, Virginia, Washington, D.C., and West Virginia. With a range of accounts, affordable loans and other convenient banking solutions, the credit union is dedicated to helping its members achieve their financial goals for themselves and their families. For more information on the NIHFCU, visit www.nihfcu.org.
