Small Business Administration (SBA) Paycheck Protection Program
SBA Paycheck Protection Program
UPDATE: July 20 - Loan Forgiveness for Paycheck Protection Program (PPP)
On July 20, Security Service will begin sending emails to PPP loan recipients with a link to an online portal to complete the loan forgiveness application and provide supporting documents. You can expect to receive this email in the next coming weeks depending on when you closed on your PPP loan. Note: Please allow 8-10 weeks from the date you closed to receive this information.
SBA guidelines for PPP Loan Forgiveness were approved on June 8 with the following changes:
- Covered period for use of the funds increased from 8 weeks to 24 weeks
- Loan proceeds for non-payroll costs increased from 25% to 40%
- Loan term extended from 2 years to 5 years
If you have any questions, please email firstname.lastname@example.org* or call us at 1-866-397-4480. *PLEASE DO NOT EMAIL PERSONAL/FINANCIAL INFORMATION, APPLICATIONS, OR DOCUMENTATION. Applications can only be accepted electronically through our online portal.
UPDATE: July 6 - Now Accepting Applications
Security Service is accepting new loan applications for the Paycheck Protection Program (PPP) until July 31, 2020.
To apply for a PPP Loan, existing Security Service business members can email CommercialServices@ssfcu.org to request an application link* or call us at 1-866-397-4480. *DO NOT SEND ANY PERSONAL OR FINANCIAL INFORMATION IN THE INITIAL EMAIL.
Under the CARES Act, the federal Paycheck Protection Program includes the following components:
- The program will be available to businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more.
- 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.
- 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.
- 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.
- 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.