We know that in these uncertain times, you are eager to support your employees and manage your organization. Self-Help was pleased to participate in the Small Business Administration (SBA) Paycheck Protection Program (PPP) by offering PPP loans. The program was designed to provide access to capital for payroll and other overhead costs. Who Could Get These Loans from Self-Help? Self-Help focused its PPP program to assist nonprofits and small businesses run by people of color, especially those that were currently partnering with us for financial services or social justice. We also focused the program in areas where we have a credit union branch presence, including North Carolina, South Carolina, Florida, California, Chicago and Milwaukee. We are no longer accepting PPP applications, as the program ended on August 8, 2020. If you received a PPP loan through Self-Help: Please see below for information on applying for forgiveness, and work with your Relationship Manager if you have any questions. Program Details PPP loans provide funds to help small businesses and nonprofits cover their payroll and certain other expenses. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll). See below for additional important information about forgiveness. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. All loan terms will be the same for everyone. Loan payments will be deferred until the unforgiven amount (if any) has been determined. Any unforgiven amount will be repaid over 2 to 5 years, at 1% interest. PPP Loan Forgiveness We want to help you get as much of your PPP loan forgiven as possible. We will be updating this page with tools, resources, and information to help you navigate this process. We will also email you from the post-closing mailbox with any important updates as they become available. Tools & Resources Self-Help Resources Have questions? Find answers to commonly asked questions in our PPP Forgiveness FAQ (updated as of July 8, 2020) ¿Tiene Preguntas? Encuentre Respuestas a preguntas comunes en nuestro Documento Perdon para el PPP (actualizado al 8 de Julio del 2020) PPP Loan Forgiveness Overview & Next Steps (recorded July 14, 2020) Recorded webinar and slide deck. Perdón de Préstamos PPP: Descripción General y Próximos Pasos (grabado Julio 16, 2020) Seminario grabado y presentación escrita. Additional Resources Small Business Administration PPP Guidance: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program Treasury Department PPP Guidance: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses Office of Management & Budget PPP Guidance (for Nonprofits): https://www.whitehouse.gov/wp-content/uploads/2020/06/M-20-26.pdf When can I apply for forgiveness? Self-Help is staggering access to our online forgiveness portal, based on the date you received your loan. As we open our portal to loans in your date range, you will receive an email from us with your unique link to access your application, along with step-by-step instructions to help you maximize forgiveness on your PPP loan. Note that because Congress is considering additional changes over the next few weeks that would benefit many PPP borrowers, we are currently working with borrowers who are unlikely to be impacted by these potential changes. Self-Help is closely monitoring PPP laws and guidance, and will continue to update you as new information becomes available. When is the deadline for applying for forgiveness? You have up to 24 weeks (but not later than December 31, 2020) from the date you received your PPP loan to use the funds. Once you have used your PPP funds, you must apply for forgiveness within 10 months. Payments on your PPP loan are deferred until SBA has processed your forgiveness request. How do I apply for forgiveness? If you received a PPP loan from Self-Help, you will receive an email from our team with instructions on how to access your loan through our online forgiveness portal. The portal will auto-populate some information from your application and walk you through entering the remaining information. It is not necessary to download an application from the SBA website and fill it out. You will enter this information in our online portal. If you did not receive your PPP loan from Self-Help, you cannot apply for forgiveness through Self-Help. You will have to contact your PPP lender and follow their instructions to apply for forgiveness. How can I make sure all of my PPP loan gets forgiven? In general, under the current laws and guidance, your PPP loan will be eligible for forgiveness if: At least 60% of PPP loan funds are used to pay employees and any remaining loan funds are used to pay the following business expenses: Interest portion of mortgage payments Rent/lease payments Utilities PPP loan funds are used within the required time period; and Staff and wage levels are maintained (subject to exceptions). For more detailed explanations of the requirements for forgiveness, read our Frequently Asked Questions document in the Tools & Resources box located at the top of this page. What documents will I need to fill out my application? A copy of your signed PPP loan note with your SBA PPP loan number Your EIDL application and advance amount Documentation of salary/wages included in your forgiveness request AND salary/wages paid for your pre-COVID comparison period, which may include Form 941s, third-party payroll reports, etc. Documentation of any healthcare or retirement benefits included in your forgiveness request Documentation of any state or local taxes assessed on employee compensation included in your forgiveness request For any Non-Payroll Costs included in your forgiveness request (such as interest payments on mortgages, rent or lease payments, and utilities payments), documentation showing the obligations existed on or before February 15, 2020 and documentation of the amounts paid, which may include invoices, billing statements, bank statements, cancelled checks, etc. Documentation supporting your calculation of average total full-time equivalent (FTE) employees for your pre-COVID comparison period AND your covered period Documentation supporting any FTE Reduction Exceptions, including, in the case of inability to return to pre-COVID levels of business activity due to COVID-related restrictions, copies of: any COVID-related restrictions or guidance for your business location AND business financial statements For loans over $2 million, we recommend you also keep documentation supporting your certification that economic uncertainty at the time of your PPP loan application made the request necessary to support ongoing operations. What if I still have questions? Check out our FAQ: The PPP process is complicated! Find more detailed answers to common questions in our Frequently Asked Questions document. Additional COVID-19 Resources for Small Businesses & Nonprofits Additional Resources: Self-Help has compiled a listing of a few of the COVID-19 Resources for Small Businesses & Nonprofits available nationwide and in states where our sister credit union Self-Help Federal CU has branches. SBA Economic Injury Disaster Loan (EIDL): EIDLs can provide economic relief to businesses and nonprofits that are currently experiencing COVID-19-related difficulties. You can apply directly with the SBA here. Please note: EIDL is a separate program from the PPP. Businesses and nonprofits can apply for both the EIDL and the PPP, but cannot use the funds from both programs for the same expenses. Self-Help is not involved in the EIDL program: it is a loan directly from the SBA. We encourage all businesses and nonprofits that are experiencing loss of revenue from COVID-19 to apply for the EIDL directly with the SBA here.