Small Business Administration (SBA) Paycheck Protection Program

SBA Paycheck Protection Program

Update: March 25, 2021 – Paycheck Protection Program (PPP) Extension

At this time, Security Service is not accepting new PPP loan applications.

Applications received for 1st or 2nd draws for existing PPP loans will continue to be processed. These applications must be completed by 5:00 p.m. on April 9th with all supporting documentation.

We will continue to process any PPP Forgiveness applications we receive.

Please refer to SBA.gov for a list of participating lenders. If you have any questions, please contact us at 1.866.397.4480, Option 1, or commercialservices@ssfcu.org.

PLEASE DO NOT EMAIL PERSONAL/FINANCIAL INFORMATION, APPLICATIONS, OR DOCUMENTATION.

 

Update: March 1, 2021 – Paycheck Protection Program (PPP) Submit by March 7

If you would like to apply for a PPP loan, please complete and submit your application no later than 11:59 p.m. on Sunday, March 7, 2021. This applies to all applications including eligible business members for the 1st Draw PPP loan and 2nd Draw PPP loans (business members who received their 1st Draw PPP loan in 2020 from SSFCU). This is for all applications regardless of the number of employees.

We will make our best effort to review applications submitted by March 7 with all required documentation, and will submit them to the Small Business Administration (SBA) by their stipulated deadline. In addition, for applications submitted after March 7, provided all required documents are included, we will make our best effort to review and submit to the SBA by their stipulated deadline.

Once you submit your application, you will receive a confirmation email. Please contact us if you do not receive a confirmation.

If you need a link to apply online or if you have any questions, please contact us at 1.866.397.4480, Option 1, or email us at commercialservices@ssfcu.org.

PLEASE DO NOT EMAIL PERSONAL/FINANCIAL INFORMATION, APPLICATIONS, OR DOCUMENTATION. Applications can only be accepted electronically through the online portal.

 

Update: January 15, 2021 – Paycheck Protection Program (PPP) 2nd Draw

We will be accepting online 2nd draw applications from our existing PPP borrowers only and first draw (loan) requests from business members as of 12/31/20.

We will not be accepting PPP applications from non-business members. We are reviewing the program parameters and new process for online applications only. When the online application portal goes live, we will provide information to our business members as applicable and information is available on our website

If you have any questions, please reach out to us at 1.866.397.4480, Option 1, or email us at commercialservices@ssfcu.org. Please do not send any documentation to this email address. Thank you.

UPDATE: December 28 – Paycheck Protection Program (PPP)

We are reviewing the preliminary program parameters and guidance from both the SBA and US Treasury. Once we receive and review the formal guidance, SSFCU will determine our level of participation in the program and provide information to our business members as applicable.

If you have any questions, please reach out to us at 1.866.397.4480, Option 1, or email us at commercialservices@ssfcu.org. Please do not send any documentation to this email address. Thank you.

UPDATE: November 16 - PPP Forgiveness application (3508S) for loans of $50,000 or less

Beginning the week of November 16, we will send out updated information for the SBA PPP Loan Forgiveness process. For PPP loans less than $50,000, we recommend using the new simplified form 3508S.

Please allow up to 10 business days to receive this information. If after that time you have not received the communication, please call us at 1.866.397.4480, Option 1, or email us at commercialservices@ssfcu.org.

UPDATE: September 2 - Loan Forgiveness for Paycheck Protection Program (PPP)

Security Service has provided all PPP loan recipients access to an online portal to complete the loan forgiveness application and provide supporting documents. If you need help with your loan forgiveness application or if you did not receive access, please call us at 1.866.397.4480, email commercialservices@ssfcu.org. For more details, visit the SBA loan forgiveness page.

SBA guidelines for PPP Loan Forgiveness:

  • Covered period for use of the funds increased from 8 weeks to 24 weeks
  • Loan proceeds for non-payroll costs increased from 25%-40%
  • Loan term extended from 2 years to 5 years
  • Any EIDL advances made by the SBA to you or your business will be netted against the recommended loan forgiveness amount

PPP Loan Forgiveness Timeline:

  • SSFCU loan forgiveness review period may be up to 60 days from forgiveness submission.
  • SSFCU will notify you when our preliminary review and recommendation to the SBA is complete.
  • The SBA’s final decision as to the actual loan forgiveness amount may take up to 90 days.

PLEASE DO NOT EMAIL PERSONAL/FINANCIAL INFORMATION, APPLICATIONS, OR DOCUMENTATION. Applications can only be accepted electronically through the online portal.

 

 

 

 

 

* 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.