Small Business Administration (SBA) Paycheck Protection Program

SBA guidelines for PPP Loan Forgiveness have been approved with changes. See below for additional details.

 

SBA Paycheck Protection Program

UPDATE: November 16 - PPP Forgiveness application (3508S) for loans of $50,000 or less

Beginning the week of November 16, we will send out updated information for the SBA PPP Loan Forgiveness process. For PPP loans less than $50,000, we recommend using the new simplified form 3508S.

Please allow up to 10 business days to receive this information. If after that time you have not received the communication, please call us at 1.866.397.4480, Option 1, or email us at commercialservices@ssfcu.org.

UPDATE: September 2 - Loan Forgiveness for Paycheck Protection Program (PPP)

Security Service has provided all PPP loan recipients access to an online portal to complete the loan forgiveness application and provide supporting documents. If you need help with your loan forgiveness application or if you did not receive access, please call us at 1.866.397.4480, email commercialservices@ssfcu.org. For more details, visit the SBA loan forgiveness page.

SBA guidelines for PPP Loan Forgiveness:

  • Covered period for use of the funds increased from 8 weeks to 24 weeks
  • Loan proceeds for non-payroll costs increased from 25%-40%
  • Loan term extended from 2 years to 5 years
  • Any EIDL advances made by the SBA to you or your business will be netted against the recommended loan forgiveness amount

PPP Loan Forgiveness Timeline:

  • SSFCU loan forgiveness review period may be up to 60 days from forgiveness submission.
  • SSFCU will notify you when our preliminary review and recommendation to the SBA is complete.
  • The SBA’s final decision as to the actual loan forgiveness amount may take up to 90 days.

PLEASE DO NOT EMAIL PERSONAL/FINANCIAL INFORMATION, APPLICATIONS, OR DOCUMENTATION. Applications can only be accepted electronically through the online portal.

 

 

 

 

 

* Applications will be administered on a first come, first serve basis and be available as long as the appropriated government funds are available. SBA Program terms and credit conditions apply.