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Paycheck Protection Program Loans


Forgivable Loans to Help Your Business or Nonprofit Weather the Crisis

UPDATE: Congress has passed an extension of the Paycheck Protection Program, allowing the Small Business Administration to accept PPP applications through May 31, 2021 (or until allocated funding is depleted, if earlier). Small businesses and nonprofits who have not yet received a PPP loan may be eligible for relief, and the hardest-hit small businesses and nonprofits may be eligible for a second PPP loan.

 

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 is focusing on assisting nonprofits and small businesses run by women and people of color. 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. We want you to have the best chance of obtaining a PPP loan, so we suggest you locate PPP lenders through SBA’s website at https://www.sba.gov/funding-programs/loans/lender-match or click the links below to apply through one of the following community development financial institutions:

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. 


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

Forgiveness Guidance

Loans $150K or Less

Loans Over $150K

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 + 24 weeks from the date you received your PPP loan funds (about 15.5 months). 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 your deadline.

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 herePlease 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: Targeted EIDL Advances may be available to the hardest-hit small businesses and nonprofits directly through SBA (not through Self-Help or other lenders). The best place to find information on Targeted EIDL Advances is SBA’s website at Small Business Administration (sba.gov).

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.