Small Business Administration (SBA) Paycheck Protection Program

The SBA announced on April 23 that additional funds have been appropriated for the Paycheck Protection Program. See below for additional details.

 

SBA Paycheck Protection Program

UPDATE: May 13 - Loan Forgiveness for the Paycheck Protection Program (PPP)

If you received a PPP loan: Be sure to keep all records regarding the use of funds since your loan was closed. As a reminder, 75% of your loan must be used for payroll/salaries. You can also use the funds for rent payments, mortgage interest, and utilities.

Once the SBA provides the forgiveness eligibility guidance, we will provide that information to you via email. You may also visit SBA.gov for details on loan forgiveness.

UPDATE: The SBA announced on April 23 that additional funds have been appropriated for the Paycheck Protection Program.

As a result of the SBA supplementary funding, we have resumed review of pending applications according to the order in which they were received. We are also accepting new applications. See application instructions below.

If you did not receive an email from us approving your loan, then the SBA has not authorized payment and your application remains on hold in our queue to be processed and will remain there based upon your submission date.

As a result of the SBA supplementary funding, we will resume review of pending applications according to the order in which they were received.

If you would like to submit an application, please email us at commercialservices@ssfcu.org and we will email you a link to our online application portal.

We will process new applications on a first come, first serve basis provided there are funds available under this secondary Paycheck Protection Program appropriation.

Due to the unique nature of this program, Security Service branch and call center staff DOES NOT have information regarding the status of your application.

Security Service remains committed to assisting you in your time of need and will continue to keep you posted with updates to the program status through our website.

Please visit SBA.gov to determine if you qualify for other programs such as the Economic Injury Disaster Loans and Loan Advance Program.

 

How to Apply for a Paycheck Protection Program Loan

To request an application, existing Security Service business members can email commercialservices@ssfcu.org or call us at 1.866.397.4480.* DO NOT SEND ANY PERSONAL OR FINANCIAL INFORMATION IN THE INITIAL EMAIL.

Once we receive your request for an application, we will email you an application package along with a secure link to submit your application and supporting documents.* Your application will be processed as soon as possible as a high volume of requests are anticipated, and you will be contacted with next steps and to collect any outstanding documents.

Due to the unique nature of this program, Security Service branch and call center staff DO NOT have information regarding the status of your application. Please do not proactively deliver or send documents to a Security Service location as this could significantly delay your application. We appreciate your patience and understanding with processing times.

The number of inquiries for this program is unprecedented and the volume of anticipated applications will stretch our resources. For members who have their business banking relationships elsewhere, utilizing your existing business financial institution is the best and fastest method for applying for federal relief, based on the U.S. Treasury requirements and guidance.

Accordingly, this program is limited to existing Security Service business members with a Security Service loan or deposit account.

 

Important Program Details

  1. To start the process, send us an email to commercialservices@ssfcu.org or, call us at 1.866.397.4480. Important Note- DO NOT SEND US ANY PERSONAL OR FINANCIAL INFORMATION IN THE INITIAL EMAIL. Security Service will email you a link to an online portal application platform for you to electronically submit your application and supporting documents.1
  2. Apply for the federal Paycheck Protection Program by FULLY completing the online application and upload all REQUIRED supporting documentation. We expect to begin accepting online applications beginning Monday, April 27th. Required documentation may vary from business to business, but includes the following:
    • Completion of Paycheck Protection Program Borrower Worksheet (Part I Only)
    • 2019 Payroll — total payroll for full year 2019, by employee, as reported to the IRS (941 reports)
    • 2019 Company Prepared Financial Statement
    • 2019 Independent Contractor Costs — Listing of 1099’s-MISC for 2019 independent contractors, by person, as reported to the IRS (Note: Do NOT include 1099’s for services)
    • Payroll report as of February 15, 2020 or closest date after that date, by employee
  3. After submitting your application online, you will receive an email confirmation of the submission.
  4. Security Service will process your application as soon as possible; a high volume of requests are anticipated. We appreciate your patience and understanding with processing times.
  5. If applicable, we will contact you to collect any outstanding documents. Do not proactively deliver or send documents to our branch locations. All documentation must be uploaded via the online portal.
  6. You will be notified of the status of your loan application through email communications. Information about your application status will NOT be available through our branches or call center — due to the nature of this loan process and the steps involved.

 

Under the CARES Act, the federal Paycheck Protection Program includes the following components:

  1. The program will be available to businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more.
  2. Loans can be for up to 2.5 times of your average monthly payroll costs from the prior year. The loan amount is capped at $10 million.
  3. Loans will be forgiven up to the loan amount for a borrower’s payroll, rent, mortgage, and utility costs incurred and paid during an eight-week period after a loan is originated.
  4. Loan forgiveness will be reduced to the extent of a) any reduction in employee headcount during this period (as compared to the prior year), and b) any reduction in pay of an employee by more than 25% (as compared to their prior year compensation). Borrowers that rehire workers will not be penalized for paying them less when they are rehired.
  5. The SBA also expanded Emergency Economic Injury Disaster Loans (EIDL program). For additional resources or to apply for EIDL program funds, visit www.SBA.gov/disaster.

 

 

 

 

 

* 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.