Grow Financial Federal Credit Union

COVID-19 Information learn more

SBA
PPP
Loan

Paycheck Protection Program


Intended to deliver much needed relief to small businesses, the Paycheck Protection Program (PPP) provides loans to eligible businesses affected by COVID-19. We provided PPP loans to over 1,100 businesses. As of August 8, the SBA discontinued accepting applications for new loans.

If you have any questions for our team, send us an email at  ppp@growfinancial.org.

Loan Forgiveness

We’ve begun accepting loan forgiveness applications as of September 7. 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 and completing the corresponding information form.

Within three business days after you submit the form, you’ll receive two emails:

  1. The first email will come from our loan forgiveness portal with a link to the forgiveness application, sent by onlineapplications@wolterskluwer.com. Save this email when you get it because you’ll use that link to navigate to your unique application.
  2. The second email will come from one of our Business Solutions team members and have detailed instructions on how to  fill out  the loan  forgiveness application. This email will also provide you with your specific SBA Loan Number which you’ll need in order to  complete  the application.

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, so there is no pressure and no rush. 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.

Start My Loan Forgiveness Process

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

Recently added as an SBA loan program, the Paycheck Protection Program provides federally-guaranteed loans to eligible small businesses. Loans are the lesser of $10 million and a calculated amount based on payroll and may be forgivable. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis.

As dictated by the CARES Act, the SBA will commit to helping small business owners across America borrow $349 billion.

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.