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Paycheck Protection Program Loans

Forgivable Loans to Help Your Business or Nonprofit Weather the Crisis

UPDATE: As of August 8, 2020, SBA is no longer accepting new PPP loan applications from lenders. Self-Help is monitoring updates from Congress for any renewal of the program and will update this page with new information as it becomes available.

Learn more about Self-Help's participation in the Paycheck Protection Program—including profiles of some of our borrowers.

We know that in these uncertain times, you are eager to support your employees and manage your organization. Self-Help was pleased to participate in the Small Business Administration (SBA) Paycheck Protection Program (PPP) by offering PPP loans. The program was designed to provide access to capital for payroll and other overhead costs.

Who Could Get These Loans from Self-Help?

Self-Help focused its PPP program to assist nonprofits and small businesses run by people of color, especially those that were currently partnering with us for financial services or social justice. We also focused the program in areas where we have a credit union branch presence, including North Carolina, South Carolina, Florida, California, Chicago and Milwaukee.

We are no longer accepting PPP applications, as the program ended on August 8, 2020.

If you received a PPP loan through Self-Help: Please see below for information on applying for forgiveness, and work with your Relationship Manager if you have any questions.

woman signing check
Small business owner wearing COVID mask

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 60% of the forgiven amount must have been used for payroll). See below for additional important information about forgiveness.
  • 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.
  • Loan payments will be deferred until the unforgiven amount (if any) has been determined. Any unforgiven amount will be repaid over 2 to 5 years, at 1% interest.

PPP Loan Forgiveness

We want to help you get as much of your PPP loan forgiven as possible. We will continue to update this page with tools, resources, and information to help you navigate this 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? Find answers to commonly asked questions in our PPP Forgiveness FAQ (updated as of October 14, 2020)

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. Note that Congress is considering additional changes that would benefit many PPP borrowers. Self-Help is closely monitoring PPP laws and guidance, and will continue to update you as new information becomes available.

What is the deadline for applying for forgiveness?

You should apply for forgiveness within 10 months of the end of your Covered Period. 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.

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.

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 to pay employees and any remaining loan funds are used to pay the following business expenses:
    • Interest portion of mortgage payments
    • Rent/lease payments
    • Utilities
  • PPP loan funds are used within the required time period; and
  • Staff and wage levels are maintained (subject to exceptions).

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

What if I still have questions?

  • Check out our PPP Forgiveness FAQ: PPP forgiveness is complicated! Find detailed answers to common questions in our PPP Forgiveness FAQ located in the Tools & Resources box at the top of 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 Federal 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.

Fraud Alert: 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 phone, email or otherwise by someone claiming to be the SBA. To learn more about scam and fraud alerts, or to report fraud to SBA, visit SBA's Scam & Fraud Alerts webpage