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Quick Guide for SLFCU Members Who Have Been Funded an SBA Paycheck Protection Program Loan

Latest Update to This Page: 09/23/2020

While we wait for Congress to come to an agreement on this program and the final instructions for PPP borrowers, we have made the decision to not take any action until further legislation is approved.

Because the information continues to change, and could result in some loans requiring either a simple application or no application at all, we ask that all members with PPP loans of less than $150,000 please hold off on submitting your loan forgiveness applications until you receive final instructions from SLFCU. We promise to keep you up to date on all information as we receive it, and will regularly check in with updates.

Please also continue to maintain a spreadsheet of expenses and other specific documentation, such as:

  • Payroll records
  • Copies of canceled checks
  • Bank statements with ACH information
  • Utility bills
  • Mortgage statements
  • Lease agreements

As always, we are here to help you. To ensure the correct person gets back to you in a timely manner, please contact us with any questions concerning this process by sending us a secure message in online or mobile banking.

Note: This information will be updated as we receive additional guidance from the Small Business Administration. As every borrower’s situation is unique, SLFCU strongly advises that all participating members carefully read the U.S. Department of the Treasury’s PPP FAQs

IMPORTANT CHANGES TO PPP FORGIVENESS LOAN CRITERIA AS OF 6/15/2020:

  • Payroll vs non-payroll expense ratios have changed from 75% payroll expense/25% non-payroll expense to 60%/40% respectively.
    • The list of non-payroll eligible expenses did not change: rent, mortgage payments, utilities, and interest on loans. 
  • The time period to use funds has been extended from 8 weeks to 24 weeks, no later than December 31, 2020 (if you received funds by 6/30).
  • The deadline to rehire all workers has changed from June 30, 2020 to December 31, 2020.
  • The requirements to rehire workers have been modified. A business can still receive forgiveness if any of these scenarios apply:
    • Unable to rehire an individual who was an employee on or before February 15, 2020.
    • Able to demonstrate an inability to hire similarly qualified employees on or before December 31, 2020.
    • Able to demonstrate an inability to return to the same level of business activity the business was operating at prior to February 15, 2020.
  • The repayment term for unforgiven loan amounts has been extended from 2 years to 5 years at 1% interest. Loans funded prior to June 5, 2020 remain at the 2-year repayment term.
  • The timeframe for when a business can apply for forgiveness has changed from within 6 months of receipt of loan to within 10 months of the last day of the "covered period" (i.e., the time period permitted to spend the money, for example, 24 weeks).

WHAT'S NEXT:

We want you to be successful in getting your loan forgiven. Please be sure to read the following suggestions in anticipation of receiving the final application.

  • Review the U.S. Department of the Treasury’s PPP FAQs.
  • Maintain a separate spreadsheet of expenses and other specific documentation, including: 
    • Payroll records
    • Copies of cancelled checks
    • Bank statements with ACH information
    • Utility bills
    • Mortgage statements
    • Lease agreements
  • If you have specific questions regarding your application, please send us a secure message in online banking.

SLFCU will contact you when we receive the updated SBA PPP loan forgiveness application and guidance from the SBA and the U.S. Department of the Treasury. 

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