SBA Paycheck Protection Program

SMALL BUSINESS ADMINISTRATION PAYCHECK PROTECTION PROGRAM LOAN* (SBA PPP) OFFERED BY GECU

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. We are proud to have supported small businesses in our region by offering SBA First and Second Draw PPP loans throughout the pandemic.

Now is the time to determine if you are eligible for First or Second Draw loan forgiveness!**

Borrowers with loans totaling $150,000 or less can apply for the PPP loan forgiveness by visiting the SBA PPP Direct Forgiveness Portal located on sba.gov. Borrowers can also apply for loan forgiveness by clicking the link emailed by GECU eight weeks after your PPP loan disbursement date.

FIRST DRAW PPP LOAN FORGIVENESS TERMS

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs

SECOND DRAW PPP LOAN FORGIVENESS TERMS

Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness anytime up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

To learn more about the SBA PPP loan forgiveness eligibility requirements, visit sba.gov or call 1.877.552.2692, Monday–Friday, 8 a.m.–8 p.m. EST; 6 a.m.–6 p.m. MST.

*The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.
**Forgiveness requirements, timeframes and covered expenses are accurate as of September 8, 2021, and are subject to change pending regulatory publication by the U.S. Treasury and Small Business Administration.

Last updated: October 1, 2021