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Paycheck Protection Program
The Paycheck Protection Program (PPP) was created to deliver much-needed relief to small businesses affected by COVID-19. To date, we’ve issued PPP loans to over 2,000 businesses totaling more than $36 million.
Update: Funds for the PPP are gone, and the program is closed to new applications from most financial institutions. As a result, our loan application portal is now closed. We are continuing to serve members as they work through the loan forgiveness process.
If you have any questions for our team, send us an email at firstname.lastname@example.org.
We’ve begun accepting loan forgiveness applications as of September 7, 2020. If you’ve exhausted your loan funds and have your supporting documentation ready, you can start the loan application process by selecting the Start My Loan Forgiveness Process button at the bottom of the page.
Update: The SBA has announced that it will be streamlining the process for loan forgiveness in the upcoming weeks. If you’ve already done the footwork mentioned below, you may certainly continue to submit your forgiveness application to move forward with forgiveness. If you’d prefer to wait for the streamlined process, please check back over the upcoming weeks for additional details to be provided here. We will proactively communicate any updates or changes via email as they become available.
What you’ll need to have prepared in order to apply:
- Bank account statements and any third-party payroll service provider reports documenting the amount of cash compensation paid to employees
- Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and any State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
- Payment receipts, cancelled checks or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that you included in the forgiveness amount
- Documentation showing, at your election as the Borrower: A) the average number of FTE employees on payroll per month employed by the Borrower between February 15, 2019 and June 30, 2019; B) the average number of FTE employees on payroll per month employed by the Borrower between January 1, 2020 and February 29, 2020; or C) in the case of a seasonal employer, the average number of FTE employees on payroll per month employed by the Borrower between February 15, 2019 and June 30, 2019, between January 1, 2020 and February 29, 2020, or any consecutive 12-week period between May 1, 2019 and September 15, 2019
- Documentation of non-payroll expenses, including mortgage interest payments, rent or lease payments and utility payments; copy of invoices from February 2020 and those paid during the Covered Period and receipts
- Any documentation that will support how the PPP Funds were spent
When you need to apply:
You’ll have 10 months from the end of your 8- or 24-week loan period before you even have to apply for forgiveness, according to current SBA guidelines. This means you’ll have plenty of time to work with your accountant, if needed, and complete all documentation so you can ensure maximum loan forgiveness.
What the timeline looks like after you submit your application:
Once we receive your application, we have up to 60 days to review the application, inform you of our decision and submit to the SBA for loan forgiveness. Upon receipt of our decision, the SBA has up to 90 days to process the forgiveness request. Once we receive your forgiveness payment from the SBA, we’ll pay off the corresponding portion of your loan. In the event that 100% of your loan is not forgiven, you’ll make monthly payments on the remaining amount until the loan is paid in full.
Please note: As government guidelines may change, we will provide updates as they are available and work to keep this page as current as possible. We’re keeping a close watch on SBA guidance as updates are released so we can share it with you.
Frequently Asked Questions
The Paycheck Protection Program provides federally guaranteed loans to eligible small businesses. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis. An additional round of PPP funding was made available by the second COVID-19 relief bill, passed by Congress and signed into law at the end of 2020, with lending to begin early January 2021.
The loan may only be used for:
- Payroll costs and employee commissions or similar compensations
- Insurance premiums and group healthcare benefits during paid sick, family, or medical leave
- Mortgage interest payments (but not prepayment or payment of mortgage principal)
- Commercial space rent and utilities
- Interest on any other debt obligations incurred before February 15th 2020
- Refinancing SBA EIDL loan made between 1/31/20 and 4/3/20
You may be eligible to have all or a portion of the loan principal and interest forgiven if you use the funds for certain qualifying costs incurred and payments made for payroll, mortgage interest, rent and utilities during the first eight weeks following the date the loan is made. You will have to provide documentation, so do your best to thoroughly document the use of your PPP loan during the covered period.
As additional guidelines are made available by the SBA, we will work to update this page. Follow SBA PPP for more information.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
Nobody likes paying bills. We get it. That’s why at Grow, we make it as painless as possible to pay your loan every month. You can even choose how to do it.
Pay From Another Credit Union or Bank
You have two ways to pay by transferring funds online from another institution.
- Debit Card or ACH
We accept both Mastercard® and Visa® debit cards and ACH. With debit cards you’ll also pay a convenience fee of $4.95. To make a loan payment other than your mortgage or Grow Visa® credit card, click the button below.
- Grow Online Banking
You can make one-time payments or set up automatic recurring payments in your Grow Online Banking account. Simply select “Transfer/Payments” from the menu. And if you’re not enrolled in Grow Online Banking, you can set up your account in just a few minutes.
Pay by Mail
You can also pay your loan by check through the mail. Please remember to include your account number and Grow loan number on the check.
Send auto, credit card and personal loan payments to:
Grow Financial Federal Credit Union
P.O. Box 10006
Irmo, SC 29063-5006
Send home loan and home equity payments to:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733