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Self-Help Credit Union

Paycheck Protection Program Loans

Important Update: SBA Paycheck Protection Program

After funding for the first round of Paycheck Protection Program loans ran out on April 16, Congress passed a second package of funding on April 23 that included an additional $321 billion for the program.

Lenders including Self-Help were able to begin processing new PPP loans on April 27.

If you have submitted a PPP application to Self-Help and it has not yet been approved by SBA, or you are in the process of submitting an application with us, we will continue to work with you to complete your application. 

If you have not yet applied to Self-Help and would like to be notified if/when we are able to serve you, please read below and fill out the online contact form. 

Forgivable Loans to Help Your Business or Nonprofit Weather The COVID-19 Crisis

We know that in these uncertain times, you are eager to support your employees and manage your organization. Self-Help is pleased to be offering loans through the Small Business Administration (SBA) Paycheck Protection Program (PPP), which 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.

If you would like to let us know of your interest in applying for a PPP loan with us, please fill out this form.

In the meantime, time is critical, so we encourage you to contact other lenders as well, particularly your primary business banking institution, to ask about their PPP loan program.

PPP Loans

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 75% of the forgiven amount must have been used for payroll). See below for additional important information about forgiveness.
  • Loan payments will be deferred for six months.
  • 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.
  • This loan has a maturity of 2 years and an interest rate of 1%. 

PPP Loan Forgiveness

The loan will be fully forgiven if you abide by the SBA's conditions for forgiveness, including meeting the three conditions below. Please see our FAQ for important details on these conditions.

  1. You must use your PPP loan proceeds for forgivable purposes during your Covered Period. 
  2. You must maintain your employee and compensation levels.
  3. You must maintain documentation and certify your use of PPP loan funds.  

SBA has released the SBA PPP Forgiveness Application. Self-Help has provided this summary based on our best interpretation of the guidance that has been released so far: PPP Forgiveness FAQ.

We anticipate SBA may issue additional guidance to clarify remaining open questions, and we will continue to update our FAQ to reflect this guidance. If you have any questions about this guidance, or forgiveness in general, please email PostClosing-PPP@self-helpfcu.org.

You can learn more about the program in general on the U.S. Treasury Department's website.

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.