July 9, 2020
This article has been archived and is no longer updated by GLCU
During COVID-19, the impact to local communities, businesses and employees was felt across the board. The economic future is still uncertain, however, there are relief options available – and GLCU recommends taking advantage of them (SBA) if they fit your business needs.
The U.S. economy experienced severe pressure in March and April surrounding the outbreak of the COVID-19 pandemic. The SBA program was developed to assist small business owners stay above water and keep their employees on payroll. An excess of $500 billion dollars was allocated to companies through the SBA PPP loan program. The program is said to have assisted in helping our economy spring back.
GLCU's Commitment to Local Businesses
Local, small businesses are the lifeblood to our communities. Through this program, GLCU has been able to carryout its commitment to serve our communities.
Since the SBA PPP Loan was introduced, GLCU has proudly helped 112 local businesses by approving more than $3 million in loans. These loans allow business owners to operate with limited resources, pay their staff, cover insurance premiums, rent, and more.
Here’s what our business owners are saying:
"You are the best! I know I am one of many applications but feel like you are my own personal banker. Thank you for the attention and care!" – Lisa Albrecht, All Bright Solar"
"We have been able to rely on Great Lakes Credit Union to provide key services for our small business community, especially through the challenges of 2020. They have had a big impact." – Kevin Considine, President & CEO, Lake County Partners
"Working with the GLCU on the PPP was easy and straight forward providing a very helpful financial safety net for our business." – Doug Hindsley, Sr Partner Card Integrity
SBA PPP Details and Changes to the Program
- Borrows have 24 weeks to spend SBA PPP funds, previously 8 weeks
- Reduction from 70 to 60% of SBA funds must be spent on payroll
- Covered period of loan extended to Dec 30, 2020 previously June 30, 2020
- Increased payback period for applicants has been extended from two to a minimum of 5 years for those not seeking loan forgiveness (or deemed ineligible)
For more information about SBA PPP Loans, please visit www.glcu.org/SBA.
To apply for the SBA PPP Loan, please visit www.glcu.org/SBA.