July 19, 2020
This article has been archived and is no longer updated by GLCU
Bannockburn, Illinois – Chicagoland's Great Lakes Credit Union (GLCU) encourages all small-business owners to take advantage of the newly re-introduced SBA PPP loan.
COVID-19 continues to create challenges impacting local businesses and the communities they serve. The long-term economic future is still uncertain; however, there are relief options available – and GLCU recommends taking advantage of them (SBA PPP) 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 PPP loan spawned from the CARES Act (Coronavirus Aid, Relief, and Economic Security) to combat the financial hardships impacting many small business owners and their employees. The U.S. Government allocated an excess of $500 billion to companies across the U.S. through the SBA PPP loan program, which has helped support an economic rebound.
GLCU's Commitment to Local Businesses
Local businesses are essential to our communities. Through this program, GLCU has been able to carry out its commitment to help business owners and their employees struggling through the many challenges of the pandemic.
Since the SBA PPP Loan was introduced, GLCU has proudly helped over 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 I feel like you are my own personal banker. Thank you for your 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 up to 24 weeks to spend SBA PPP funds, previously capped at 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.
About Great Lakes Credit Union
Founded in 1938, GLCU continues to be a growing staple in our communities. As a not-for-profit financial institution, chartered by the State of Illinois and insured by the NCUA, we are guided by a dedicated volunteer Board of Directors and are proud to serve more than 84,000 members with over $995 million in assets. We are headquartered in Bannockburn, IL and now have 12 branch locations and more than 170 ATMs locally. GLCU also belongs to the CO-OP Shared Branching Network. Members can access accounts nationwide at over 5,600 institutions with thousands of locations in 50 states, and at any of their 30,000 surcharge‐free CO‐OP ATMs. All 200+ employee-owners pride ourselves on building lifelong relationships with our member-owners and providing them with financial education during all life stages. Learn more at glcu.org