At GECU, we put the people helping people philosophy at the core of everything that we do and we recognize that small businesses are the heartbeat of our economy. The application process for the Small Business Administration Paycheck Protection Program First Draw and Second Draw loan period ends on May 31, 2021.
GECU must receive the SBA First Draw or Second Draw loan applications by May 26, 2021, to allow time for loan processing before the SBA deadline of May 31, 2021, to be eligible. GECU will no longer accept applications beginning May 27, 2021.
To learn more about the SBA PPP loan eligibility requirements, helpful tips, or loan forgiveness opportunities, visit the SBA website. For questions about the application process, eligibility requirements, and more, click here.
SBA PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS**
GECU is currently accepting SBA Paycheck Protection Program loan forgiveness applications through the link that we sent you.
The SBA Paycheck Protection Program loan forgiveness stage allows eligible expenses that were incurred during the covered period of your loan to be forgiven if all employee retention criteria are met.
- PPP loans have an interest rate of 1%.
- Loans issued prior to June 5, 2020, that have a maturity of two years. Loans issued after June 5, 2020, that have a maturity of five years.
- Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
- No collateral or personal guarantees are required.
- Neither the government nor lenders will charge small businesses any fees.
A GECU representative will be available to help you throughout the process. If you have any questions, please call the GECU Small Business Relief line at 915.774.1889 to speak to a GECU representative today.
START GETTING READY
Prior to starting your application, it is important to start gathering all of the documents that you will likely need for the loan forgiveness application, including …
- Payroll expense reports
- 941 Forms for eligible covered periods
- Proof of payments for utility bills, rent, and/or mortgage interest
- Tax forms, quarterly financial statements, or bank statements that show a 25% decline in revenue from a quarter in 2020 compared to the same quarter in 2019
We recommend that you scan all of your documents and save them in .PDF format so that they can upload easily and make the application process even faster.
*Loan application approval and processing will be subject to federal government regulations guidance and funding availability. Other conditions apply. Principal business must be located in El Paso County, Hudspeth County or Doña Ana County, not more than 25 miles from our Helen of Troy and Resler location, to be eligible for membership at GECU. Learn more about how you can join. Click here.
**Forgiveness requirements, timeframes and covered expenses are accurate as of May 12, 2021, and are subject to change pending regulatory publication by the U.S. Treasury and Small Business Administration.
Last updated: May 24, 2021