A message for our AmurEF Community about COVID-19

AmurEF is making every effort to closely monitor the Coronavirus (COVID-19) pandemic. This is a challenging time, and while news is constantly changing, one thing will remain the same: our mission to provide you with superior service. The continued health and safety of our customers, partners, and employees is our greatest concern and we wish you and your family the best during this difficult period.

  • We have put in place contingency plans to ensure uninterrupted service to you. 
  • We understand that the COVID-19 pandemic may create unexpected business challenges for you and your business. We are here to help by offering relief measures. We remain dedicated to your success and encourage you to reach out to us to discuss how we can be of assistance.
  • We are receiving high call volume and longer than expected processing time. We appreciate your patience and are committed to getting to your request as quickly as we can. 
  • Please use our Customer Center as it is conveniently accessible to you 24 hours a day, 7 days a week on our website https://www.amuref.com/customer/portal.
  • Our Customer Care team can be reached at 1-800-994-0016 ext. 0503 Monday-Friday: 8:00 a.m. – 5:30 p.m. CST.
  • We encourage you to stay informed and have found the CDC's website to be a particularly useful reference https://www.cdc.gov/



For additional information you can visit our Resource Center or the SBA's website.

1. Am I eligible for the SBA's Paycheck Protection Program?

If you have under 500 employees whose principal residence is in the U.S., you were in operation on February 15, 2020, and your business has been negatively affected by the coronavirus, you are likely eligible.

2. Are agricultural and other forms of cooperatives eligible for the Paycheck Protection Program?

As long as other eligibility requirements are met, small agricultural cooperatives may receive PPP loans. Other forms of cooperatives may be eligible provided they comply with all other Loan Program Requirements (as defined in 13 CFR 120.10).

3. How do I apply for a loan under the Paycheck Protection Program?

AmurEF is now approved by the SBA as a Paycheck Protection Program lender, we are accepting PPP applications until August 8th. Please visit the SBA for additional information.

4. What is the maximum loan amount available under the SBA's Paycheck Protection Program?

Up to 2.5 times your average monthly payroll costs from 2019 plus any amounts necessary to refinance an Economic Injury Disaster Loan (if applicable), up to a total cap of $10M. If you are a seasonal business or were not operational in 2019, other calculations apply.

5. Will I owe any fees on a loan under the Paycheck Protection Program?

No. Lenders are not allowed to impose fees on borrowers under the program.

6. When do I have to repay a Paycheck Protection Program loan?

If you don't apply for forgiveness, your first payment will be due 10 months after the program expires. All loans are due in five years, if not forgiven. If you have a PPP loan with an original term of two years, you can contact your PPP lender to request an extension to five years.  

7. How does loan forgiveness work under the Paycheck Protection Program?

You can have up to 24 weeks of payroll costs forgiven, plus up to 40% of that amount if used for other forgivable expenses. If you use less than 60% of loan funds on payroll expenses, you will continue to be eligible for partial loan forgiveness, subject to at least 60% of the loan forgiveness amount having been used for payroll costs.

8. What other relief programs are available?

In addition to applying for a Paycheck Protection Program loan, the CARES Act also included a few tax provisions that may be helpful to your business:

  • The CARES Act included a Federal payroll tax deferral option. Small businesses are allowed to defer payment of their 2020 employer share of payroll taxes until at least December 31, 2021.

  • The CARES Act included an Employee Retention Credit. For small businesses that face full or partial shutdowns, the CARES Act provides a new tax credit equal to 50% of up to $10,000 in qualified wages and benefits costs for each quarter during which the firm was impacted by government directives. Talk with your accountant about eligibility.