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Self-Help Credit Union

Paycheck Protection Program: Next Steps


Forgivable Loans to Help Your Business or Nonprofit Weather the Crisis

The Small Business Administration (SBA) reopened the Paycheck Protection Program through March 31, 2021. Small businesses and nonprofits who have not yet received a PPP loan are eligible for relief. In addition, the hardest-hit small businesses and nonprofits are eligible for a second PPP loan. We know that in these uncertain times, you are eager to support your employees and manage your organization by accessing these forgivable loans.

UPDATE: On February 22, 2021, SBA announced several updates intended to help the smallest businesses obtain their fair share of PPP relief. The changes announced include: 
  • 14-day exclusive application window for businesses and nonprofits with fewer than 20 employees (starting February 24, 2021) 
  • More favorable loan amount calculation for sole proprietors, independent contractors, and self-employed individuals who file business income taxes using a Schedule C 
  • Elimination of some restrictions for small business owners 
  • Clarifications on Green Card and Visa holder eligibility for PPP relief 

For information on these and other changes: FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief | The White House 


If you already have a PPP loan with Self-Help

Links to apply for a 2nd Draw PPP Loan were sent to all existing Self-Help PPP borrowers on Friday, January 15th. If you are an existing PPP borrower with Self-Help and did not receive your link, please contact us.

If you already have a PPP loan with another lender

Timing is critical as limited funding has been appropriated for PPP loans. If you received your 1st PPP loan from another lender, we strongly encourage you to contact that lender for your 2nd Draw PPP loan—your existing PPP lender should be able to process your 2nd Draw PPP loan most quickly. 

If you do not already have a PPP loan 

As in the previous rounds of PPP, Self-Help expects to focus on assisting nonprofits and small businesses run by women and people of color to obtain a 1st PPP loan or a 2nd Draw PPP loan. We're also focusing the program in areas where we have a credit union branch presence, including North Carolina, South Carolina, Florida, California, Chicago, Milwaukee, and eastern Washington.   

 

To be added to our waiting list:

We cannot guarantee that we will be able to serve you, but you may fill out this form to provide us with your information. In the event we are able to work with you for a PPP loan, we will contact you.   

If you have not yet received a 1st PPP loan, or if your existing PPP lender is not offering 2nd Draw PPP loans, you can find a list of PPP lenders on SBA’s website at https://www.sba.gov/funding-programs/loans/lender-match.


PPP Loan Guidance

Please see the Tools & Resources below for current information to help you navigate the PPP loan process. Self-Help is monitoring updates from Congress, the Treasury Department and SBA for any changes to the program and will update this page with new information as it becomes available. 

Tools & Resources

Self-Help Resources

  • Have questions on PPP? Find answers to commonly asked questions in our PPP FAQ (updated as of February 23, 2021)
  • ¿Tiene Preguntas de Perdón? Encuentre Respuestas a preguntas comunes en nuestro Documento Perdon para el PPP (actualizado al 3 de diciembre del 2020)

Forgiveness Guidance

Loans $50K or Less

  • Loans $50K and under: Documents you must submit with your application (updated as of December 7, 2020)
  • Loans $50K and under: PPP Forgiveness application step by step instructions (updated as of December 3, 2020)

Loans Over $50K

  • Loans over $50K: Documents you must submit with your application (updated as of December 7, 2020)
  • Loans over $50K: PPP Forgiveness application step by step instructions (updated as of December 3, 2020)

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 towards payroll costs and any remaining loan funds are used to pay eligible business expenses;
  • PPP loan funds are used within 8 to 24 weeks from the date received; and
  • Staff and wage levels are maintained (subject to exceptions). 

For more detail on the requirements for forgiveness, read our PPP FAQ located in the Tools & Resources box on this page.

 

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.


What is the deadline for applying for forgiveness?

You should apply for forgiveness within 10 months of the end of your Covered Period. Your Covered Period is the 8 to 24 week period you choose for use of your PPP loan, and begins the date you receive your PPP funds. If you apply for forgiveness within that timeframe, payments on your PPP loan will be deferred until SBA has processed your forgiveness request. If you do not apply for forgiveness within that timeframe, you must begin making payments on your loan. Self-Help will email your access link to apply for forgiveness in advance of the end of this 10-month window.

 

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 and enter your forgiveness information in our online portal. 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.

 

What if I still have questions?

Check out our PPP FAQ: PPP forgiveness is complicated! Find detailed answers to common questions in our PPP FAQ located in the Tools & Resources box on this page. 

 


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 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.

    • To learn more, please see SBA's EIDL FAQ here.

  • Economic Injury Disaster Loan (EIDL) Advances: The Act allocated additional funding for EIDL Advances and, for the hardest-hit small businesses and nonprofits, Targeted EIDL Advances. These grants will be available by applying directly to SBA (not through Self-Help or other lenders). The best place to find information on EIDL Advances, Targeted EIDL Advances, and the application process is SBA’s website at Small Business Administration (sba.gov).
  • Shuttered Venue Grants: The Act created a grant program for live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operators, and talent representatives that meet certain eligibility requirements. Shuttered Venue Grants will be available by applying directly to SBA (not through Self-Help or other lenders). The best place to find information on Shuttered Venue Grants and the application process is SBA’s website at Small Business Administration (sba.gov). Note: if you receive a PPP loan or 2nd PPP loan on or after December 27, 2020, you will not be eligible to receive a Shuttered Venue Grant.

PPP Loan Chart

Fraud Alert: Due to requirements under the Freedom of Information Act, SBA has released information on all PPP loans, including borrower name, address, loan amount, loan date and lender. Please be aware that fraudsters are targeting small businesses and nonprofits during these economically difficult times. As always, exercise caution if you are proactively contacted by someone claiming to represent SBA or Self-Help. Neither SBA nor Self-Help requires you to work with any agents to obtain a PPP loan or to request forgiveness on your PPP loan. To learn more about scam and fraud alerts, or to report fraud to SBA, visit SBA's Scam & Fraud Alerts webpage.