What is an SBA PPP Loan?
Under the CARES Act, The SBA Paycheck Protection Program (SBA PPP loan) is aimed at providing financial relief through a 100% federally guaranteed loan to employers who maintain their payroll during the COVID-19 pandemic. Through maintaining payroll, employers will receive loan forgiveness, for all or a portion of their loan. This program will help workers remain employed through the pandemic and reduce the negative impacts to our economy. Not a current GLCU member? GLCU is accepting applications from both member-owned and non-member-owned businesses located within Illinois as well as Racine and Kenosha counties in Wisconsin.
This SBA loan contains a number of benefits, such as forgiveness (based on employee retention/salary), no SBA fees, and up to six months of payment deferral (interest does accrue).
Terms, conditions, and program availability/eligibility is subject to change at any time. GLCU has partnered with Servion Commercial Loan Resources to assist with the processing of your SBA PPP Loan application. You may be contacted by a representative from Servion Commercial Loan Resources on behalf of GLCU.
Benefits of an SBA PPP Loan
While many face the adverse impacts related to COVID-19, the federal government has stepped up to offer Paycheck Protection Program loans. The entire team at GLCU is working diligently to assist throughout these difficult times and that includes working closely with you to help get the funding you need to continue to serve your customers, business partners, and staff.
How the process works
There are a number of benefits for the SBA PPP loan but it all kicks off with a simple, easy to use online application.
Once approved, you may apply your PPP loan funds to assist with:
- Payroll costs: Compensation in the form of salaries, wages, commissions (or similar compensation), cash tip payments (or the equivalent)
- Healthcare costs: Any costs related to the continuation of group healthcare benefits, including insurance premiums
- Mortgage interest payments (but not payments on the mortgage principal)
Documentation you may need
Other documentation may be required. For a complete list of possible/required documentation, please view the SBA PPP checklist.
*GLCU is currently offering SBA's Paycheck Protection Program (“Program”) loans to eligible members and non-members. All applications submitted under the program must be approved by the SBA. SBA PPP funds are limited. GLCU does not guarantee that applications will be processed and submitted before the program's available funds are exhausted. There is no cost to apply for this loan. GLCU does not limit your ability to apply with other lenders and/or SBA PPP platforms. Qualifying required for membership, loans, and select products and services. Loan amount not to exceed $3,000,000. Program currently open to Illinois and Wisconsin businesses only (includes Racine and Kenosha counties, business must reside within GLCU's field of membership). This Program and its availability/eligibility is subject to change at any time.