COVID-19 SBA Resources

COVID-19 SBA Resources


UPDATE: April 27, 2020 
–  Greenville Federal Credit Union is now accepting Paycheck Protection Program (PPP) applications from its current Commercial members and will submit fully completed applications to the SBA for processing and funding, in the order they were completed. 

  • Note: Due to the overwhelming demand, the credit union can only accept applications from current Commercial members at this time.  Depending on capacity and loan volume, we may open applications to non-members on May 1. Please check back for updates.


SBA Paycheck Protection Program Loans

We understand now more than ever our community needs help during these challenging financial times and we are doing all we can to support our Commercial members. If you wish to submit an application for the Paycheck Protection Program for your business, please review all instructions below before starting the process.


Getting Started

Prior to filling out the forms for the PPP Loan, we encourage you to consult your accounting professional and to visit the SBA’s website at  https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp  for the latest information on this loan program as the guidance from the SBA is subject to change.

It is critical to follow SBA guidance on the amount of the loan and conditions that need to be met to ensure the maximum amount can be forgiven on the loan.


REQUIRED!  Borrower's Checklist - Required Documentation 

In order to complete your application you must provide all applicable items listed. Please upload all documentation and your application forms using the link below.

Entities Operational for 2019:

  • Borrower’s Articles of Incorporation and Operating Agreement
  • Borrower’s Ownership Structure
  • Driver’s Licenses for each owner who will be signing the loan document
  • Paycheck Protection Program Loan Application and Addendum
  • 2019 W-3 Statement (Itemizing each employee’s annual pay including benefits)
  • Current Secretary of State notice of good standing
  • Notice of terms of forgiveness
  • Beneficial ownership form


Entities Established from January 1 – February 15, 2020:

  • Borrower’s Articles of Incorporation and Operating Agreement
  • Borrower’s Ownership Structure
  • Driver’s Licenses for each owner who will be signing the loan document
  • Paycheck Protection Program Loan Application and Addendum
  • Payroll Documentation as of 02/29/2020 (Broken down by employee including benefits)
  • Current Secretary of State notice of good standing
  • Notice of terms of forgiveness
  • Beneficial ownership form


Seasonal Employers:

  • Borrower’s Article of Incorporation and Operating Agreement
  • Borrower’s Ownership Structure
  • Driver’s Licenses for each owner who will be signing the loan document
  • Paycheck Protection Program Loan Application and Addendum
  • 2019 W-3 Statement (Itemizing each employee’s annual pay including benefits)
  • 2019 Monthly Payroll Report
  • Monthly Payroll Report dated 01/01/2020 – 02/29/2020
  • Current Secretary of State notice of good standing
  • Notice of terms of forgiveness
  • Beneficial ownership form


*Detail Payroll Records include:

  • Salaries, Commissions, or Similar Compensation
  • State or Local Payroll Taxes
  • Employee Vacation and Medical Leave Expenses
  • Employee Retirement Benefits (Paid by Employer)
  • Healthcare Benefits including Insurance Premiums (Paid by Employer)

Inaccurate or non-factual information or documentation provided for this loan application may negatively impact the amount of the reduction of the loan that is forgiven.


Application and Funding Process

1. Collect the required documentation listed above in the Borrower's Checklist. Your application will not be complete until these items are provided along with the following forms. 

2. Complete the following four forms and then upload all documents, including those from the Borrower's Checklist, using this secure application.

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3.  Once received, the credit union’s Commercial Services team will review each form and contact you should we have any questions or need further documentation or clarification. Due to the high volume of applications, email response times may be longer than usual. 

4.  Upon completion of its review, the credit union will forward your completed loan request package and all documentation to the SBA for approval, in the order it was completed.
Note: Incomplete application packages (with missing documentation or information) will not be placed in line until all required documentation is provided by the borrower to complete the application.

5.  Once the SBA notifies the credit union of your loan approval, we will send the loan documents to you to be signed via our Docusign system. The loan approval timeframe is dependent upon the SBA and loan volume.

6.  Finally, after all signed documents are returned to the credit union, your money will be funded into your Greenville Federal Credit Union account.


Loan Forgiveness

Within 10 weeks of receiving PPP funds, or sooner if the proceeds are utilized for a purpose deemed eligible, you should send the credit union the appropriate documentation to support these expenses. The credit union will submit the expense documentation to the SBA for review.

Please note that the credit union is not responsible for the decision of forgiveness but is acting as an agent in the making of the application.  Any amount not forgiven will be termed out based on the parameters of the loan program which are solely determined by the SBA.


Thank you for your interest in working with us on the Paycheck Protection Program. We appreciate your patience during the process.  Please email the Commercial Services team at paycheckprotectionprogram@greenvillefcu.com with questions. 

 

Additional Resources

The following resources may be helpful in preparing to apply: