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Updated July 7th, 2020

The SBA has resumed accepting applications for the Paycheck Protection Program. The new deadline to apply for a PPP loan is August 8, 2020. Scroll down to SBA PPP Application button to begin.


Updated June 16th, 2020

On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) was signed into law, amending the CARES Act. This page has been updated to reflect those changes. Main updates include:

  • Extension of Loan maturity for new loans
  • Extension of Deferral Period for all loans
  • Reduction in the amount required to be used for payroll costs

Note that the SBA is only accepting new PPP loans through June 30, 2020.


Updated June 4th, 2020

To better assist you with your questions, we have compiled a list of Frequently Asked Questions and posted it on our SBA FAQ page here.


Updated April 22nd, 2020

We are resuming SBA applications. As soon as funding becomes available, we will submit the applications to the Small Business Administration. Scroll down to SBA PPP Application button to begin.


Selfreliance FCU is participating in the U.S. Small Business Administration Paycheck Protection Program.

Selfreliance FCU members with businesses impacted by coronavirus-related issues between February 15 and June 30, 2020 may apply for SBA’s Paycheck Protection Program loans.

To incentivize employers to maintain payroll during the crisis, the SBA is providing 100 percent federally-backed loans for certain payroll expenses through June 30, for small businesses, certain nonprofits and self-employed individuals. The loans are forgivable if employers retain employees at comparable salary levels prior to the crisis. The PPP also waives all SBA fees and provides deferral on loan repayments for a minimum of ten months after the covered period of the loan.

When to Apply

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

Paycheck Protection Program Provisions

  • Available to small- and medium-sized businesses with fewer than 500 employees (subject to limited exceptions), including 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations and/or Tribal businesses.
  • Loan proceeds may only be used for specific expenses, such as payroll costs, utilities, mortgage interest, rent/lease payments, group healthcare benefits, interest on existing debt, and other approved efforts to retain employees.
  • Maximum loan size is up to 2.5 times average monthly payroll costs over the prior 12 months for most businesses, or over a more targeted period for seasonal businesses, but may not exceed $10 million.
  • Paycheck Protection Program loans do not require a personal guarantee or collateral.
  • All or a portion of the loan and accrued interest may be forgiven.
  • The amount of forgiveness is calculated as the sum of amounts paid in the eight weeks following loan origination for payroll, mortgage interest, rent, and utilities. The portion of forgiveness that can come from non-payroll expenses is limited to 40% of the total forgiven amount.
  • Borrowers will not be charged any participation fees or pre-payment fees.
  • Loans disbursed after June 5, 2020 will have a maturity of 5 years. Loans disbursed before June 5, 2020 have a maturity of 2 years; however, borrowers and lenders may mutually agree to extend the maturity of such loans to 5 years.
  • The interest rate for Paycheck Protection Program loans is set by the SBA and is 1.00%.
  • Loan and interest payments are deferred for at least 10 months after the covered period of the loan.
  • Impacted businesses may only receive one Paycheck Protection Program loan.
  • All eligible entities impacted by COVID-19 between February 15, 2020 and June 30, 2020 may apply.
  • Loans will be available through June 30, 2020, although program funding limitations may impact loan availability for those businesses applying later in the availability timeframe. The Small Business Administration (SBA) has indicated that loans under the PPP will be made available on a “first come first served” basis. So once the SBA has expended the full authorized funding, additional loans will no longer be available (unless additional funding is authorized by the Government).
  • This information is based on currently available information and is subject to change. We are committed to keeping you informed as we receive additional guidance.

Required Supporting Documents and Information Check List

Corporations and Non-For-Profit Organizations:

  • IRS Forms 941 for all quarters of 2019
  • IRS Forms W-2, W-3 for 2019
  • Payroll Reports for 2019 and the first three months of 2020 detailing each employee and their gross pay, Including vacation and severance pay.
  • Report showing total of all health insurance premiums paid by the company owner(s) under a group health plan
  • Report showing group retirement plan 2019 expenses

Self-Employed or Sole Proprietorship:

  • 1099s received as an independent contractor for 2019
  • 2019 Personal Income Tax Return. If 2019 Personal Income Tax Return is not available yet: 2018 Personal Income Tax Return and 2019 Profit and Loss Statement

Please Note: If you are a seasonal employer, you may elect to provide the above information for the time period of February 15, 2019 through June 30, 2019. If you are a new business, provide the above information for the time period of January 1, 2020 through February 29, 2020


Payroll Costs To Determine Loan Amount:

  • Salaries and Benefits (defined)
  • Compensation (Salary, Wages, Commission)
  • Parental, Vacation, Family, Medical, Sick Leave
  • Allowance for dismissal or separation
  • Payments required for the provisions of group health care benefits, including insurance premiums
  • State and local taxes assessed on compensation
  • Payments of retirement benefits
  • Less Salaries in excess of $100,000 for individuals or owners

How much of the loan will be forgiven?

You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent and utilities payments over the eight weeks after getting the loan. Payroll costs will need to account for at least 75% of the amount used.

You will also owe money if you do not maintain your staff and payroll. Here are those conditions:

  • Number of Staff – Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
  • Level of Payroll – Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring – You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

Read more answers to Frequently Asked Questions on our SBA FAQ page.


As part of your application, you need to certify in good faith that:

  • Current economic uncertainty makes the loan necessary to support your ongoing operations.
  • The funds will be used to retain workers and maintain payroll or to make mortgage, lease and utility payments.
  • You have not and will not receive another loan under the PPP program.
  • You will provide your relationship manager documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the covered period after receiving this loan.
  • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law.
  • You acknowledge that the relationship manager will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge and agree that the relationship manager can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

Our team is available to assist with questions about the program. You can call 773-328-7500 ext. 824 or email us at sbaloans@selfreliance.com. Please do not send supporting documents to this email address. After you complete your application you will be presented with a Supporting Documents upload form.

Our goal is to fund the loan to your Selfreliance FCU account as soon as possible, though we ask for your patience and understanding as we and the SBA deal with a very large volume of applications.

Additional resources available at U.S. Department of Treasury Assistance for Small Business page: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

Date Last Updated: April 4, 2020

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