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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: The SBA has opened a Direct Forgiveness Portal to streamline processing of forgiveness applications. Please read the following information and use the button below to start your application.
If you have any questions for our team, send us an email at email@example.com.
We’ve begun accepting loan forgiveness applications as of September 7, 2020. Once you’ve exhausted your loan funds and have your supporting documentation ready, you can begin the loan forgiveness process by selecting the Apply for Loan Forgiveness button at the bottom of the page.
What you’ll need to have prepared before you 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
How to apply and what to expect:
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.
The SBA has opened a Direct Forgiveness Portal to streamline processing of forgiveness applications, helping you get the loan forgiveness you’re entitled to much more quickly. To get started, select the Apply for Loan Forgiveness button below, which will take you to the SBA’s Direct Forgiveness Portal.
Once the SBA receives your application, there is a maximum 90-day review period. If you have fully submitted your application for forgiveness, you won’t need to worry about the first payment coming up. Payments will be deferred until the SBA has made a final decision on your loan forgiveness.
Need help? The SBA offers live support Monday through Friday, 8 am to 8 pm ET, via phone at 877.552.2692.
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
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal and home equity loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card and personal loan payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for mortgage and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733