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Paycheck Protection Program Loans


Forgivable Loans to Help Your Business or Nonprofit Weather the Crisis

UPDATE: On July 4, Congress extended the Paycheck Protection Program. Self-Help has re-opened our application portal. Self-Help will accept new applications through Friday, July 31. Please work through your Relationship Manager to apply or read below to register on our waiting list.

We know that in these uncertain times, you are eager to support your employees and manage your organization. Self-Help is participating in the Small Business Administration (SBA) Paycheck Protection Program (PPP) by offering PPP loans. The program is designed to provide access to capital for payroll and other overhead costs.

Who Can Get These Loans from Self-Help?

Self-Help is focusing its PPP program to assist nonprofits and small businesses run by people of color, especially those that currently partner with us for financial services or social justice. We're also focusing the program in areas where we have a credit union branch presence, including North Carolina, South Carolina, Florida, California, Chicago and Milwaukee.

We are accepting PPP applications through Friday, July 31.

If you are already in contact with us about a PPP loan: Please work with your Relationship Manager to apply through our online application portal.

If you are not yet connected with one of our Relationship Managers: You can register for our waiting list. To do so, please fill out and submit this form. We will reach out to you if we are able. In the meantime, you may want to apply with another PPP lender given the program deadline. (See SBA's list of participating lenders.)

woman signing check
Small business owner wearing COVID mask

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

The Paycheck Protection Program Flexibility Act was signed into law on Friday, June 5, 2020, making several favorable changes to the program. Please review our PPP Forgiveness FAQ for details on these important updates.

What do I need to know right now?

Self-Help's Forgiveness Portal is coming: Although SBA has released updated forgiveness applications incorporating required changes under the PPP Flexibility Act, it has not yet issues all of the related guidance or finalized its forgiveness process. Once SBA has issued the remaining guidance, Self-Help will be able to open our online forgiveness portal and we will email our PPP borrowers specific instructions on how to apply for forgiveness for your PPP loan. At that time, Self-Help PPP borrowers will complete your forgiveness application in Self-Help's online portal and upload your supporting documents. 

 

Important changes to all PPP loans:

  • Extension of Covered Period for use of PPP funds. For all PPP loans approved by SBA prior to June 5, 2020, you now have the option to extend your original 8-week Covered Period for use of PPP funds to a 24-week Covered Period. You do not need to do anything now to extend your Covered Period—you will be able to choose 8 weeks or 24 weeks as part of your forgiveness application. For all PPP loans approved by SBA on or after June 5, you have a 24-week Covered Period for use of your PPP funds. For all PPP borrowers, once the forgiveness process is finalized and you have used all of your PPP funds, you may apply for forgiveness (you are not required to wait until the end of the 24-week period).
  • Update to your deferral period. For all PPP loans, your loan payment deferral will remain in place through the date of your forgiveness determination. You must apply for forgiveness within 10 months of the end of your Covered Period. While interest will continue to accrue during your deferral, you are not responsible for accrued interest on the forgiven amount.
  • Reduction of percentage required for Payroll Costs. For all PPP loans, the percentage of funds that must be used for Payroll Costs has been reduced from 75% to 60%. You may still choose to use more of your PPP loan for Payroll Costs. Your forgiveness amount will be reduced, however, if you use less than 60% for Payroll Costs.
  • Additional FTE reduction exceptions. Your forgiveness amount will be reduced if the total average full-time equivalent (FTE) employees for your Covered Period is less than your pre-COVID total average FTEs, unless you meet an FTE reduction exception. In addition to the existing FTE reduction exceptions, you also may avoid a forgiveness reduction if:
    • You refill open positions on or before December 31, 2020.
    • You are unable to rehire your prior employees and you are unable to hire similarly qualified employees for open positions.
    • Between February 15, 2020 and the end of your Covered Period, you are unable to operate at the same level of business activity as you did before February 15, 2020, due to compliance with federal, state or local requirements or guidance related to COVID-19.

Guidance is still coming: We are closely monitoring the program rules and will communicate what you need to know as soon as updates become available.

Tools and Resources: When the rules have been finalized and clarified, we will notify you and provide instructions on how to apply for forgiveness. We expect our tools to include an online version of the application that includes your loan details and a calculator to help you determine your forgiveness amount.

What do I need to do right now?

  • Use your PPP funds for eligible purposes: Please see our Forgiveness FAQ for eligible PPP uses.
  • Keep your documentation: When it is time to apply for forgiveness, we will send you a link to our online forgiveness portal and instructions for how to upload your supporting documentation. Keep all documents related to payroll and staff numbers, as well as documents related to payment of eligible PPP uses.

How can I learn about updates?

  • Self-Help Website: While we will continue to contact you directly with major updates and instructions, you can also keep up with any changes by visiting our website. 
  • Webinars: Once the rules are finalized and clarified, we will send you information about how to register for webinars that walk you through the forgiveness process.
  • Contact us: Our PPP borrowers can always reach us with specific questions at Postclosing-PPP@self-helpfcu.org.

Our goal is to help you maximize forgiveness on your PPP loan! We will help you through this process.


Additional Opportunity: Apply with the SBA for an Emergency Disaster Loan Advance

All businesses and nonprofits should apply as soon as possible for an SBA Economic Injury Disaster Loan Emergency Advance. This loan advance can provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Funds will be made available following a successful application. This loan advance will not have to be repaid. You can apply directly with the SBA here

Please note:

  • The Economic Injury Disaster Loan (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 this 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.