Be sure you keep your reference number in a safe place. You will be contacted by SAFE via email confirming receipt of your application. Your application will be reviewed by our Business Banking team. If we find that additional documentation is needed, we will contact you directly with instructions on how to provide it. Please be patient as the volume of applications will impact our service times. Please have all of the necessary documents available in digital form so you can send them when we contact you.
If you did not receive a reference number and have attempted submission using multiple browsers (note: Internet Explorer is NOT supported) please continue trying each day as frequent updates/improvements to the online form are being made.
We encourage you to contact the financial institution you currently use for your business banking services and submit your PPP loan through them. The program guidelines require lenders to comply with eligibility standards and Bank Secrecy Act (BSA) requirements that must be followed in order for your financial institution to receive the loan guarantee. Lenders can expedite the process by focusing resources to support current business members who have already met the BSA requirements and have an established history with the financial institution. This is why financial institutions are focusing their efforts on supporting their existing customers.
For us to submit the application for you, it will be necessary that you become a Business Banking member with SAFE. To do so, you will need to contact a SAFE location near you to discuss our business deposit options. If you decide to move forward and bring your business banking account over to SAFE, you can re-apply after your account has been established. Please be prepared to present documentation about your business. You can call ahead to any location and our team will let you know what you’ll need to provide or use our self-service appointment scheduler (currently available at three locations) here: https://www.safecu.org/schedule.
We are prioritizing applications from SAFE Business Banking members. We encourage you to contact your financial institution where you currently conduct your business banking. The program guidelines require lenders to comply with eligibility standards and Bank Secrecy Act (BSA) requirements that must be followed in order for your financial institution to receive the loan guarantee. Lenders can expedite the process by focusing resources to support current business members who have already met the BSA requirements and have an established history with the financial institution. This is why financial institutions are focusing their efforts on supporting their existing customers.
Since the PPP program is so new, lenders don’t know the exact timeline. But SAFE is making this a priority, so we will let you know as soon as we can whether your loan has been approved.
This is a new program and SAFE does not yet know the turnaround time from application submission, to approval, to funding at this early stage. The Treasury Department has said it is committed to releasing the funds as soon as possible to provide this much-needed relief for small businesses. We will update this Q&A as soon as we have new information.
SAFE will deposit it into your Business Banking checking account. Visit this page to learn how to set alerts when deposits are received.
Due to the volume of PPP loans, we are simplifying the process by depositing the loan into Business Banking checking accounts. You can transfer the money afterward to other accounts if you wish. Visit this page to learn how to transfer money.
No. The CARES Act that created the PPP allows for only one such loan per business.
The SBA has other loan products available for businesses at this time, including Emergency Economic Injury Loans and Bridge loans.
The SBA has provided initial guidance relating to the forgiveness portion of the PPP loan. The SBA has also advised additional changes are pending. We recommend the application for forgiveness be completed following the 8 week period after the loan was disbursed. This will allow time for additional revisions to the application form or supporting documentation requirements from the SBA. Current information regarding forgiveness can be found at the SBA PPP site.
To begin the PPP loan forgiveness process, PPP loan recipients will need to complete SBA Form 3508.
SBA Form 3508, includes the forgiveness application and instructions on calculating and filling out payroll cost worksheets and covered expense worksheets as well as determining the eligible forgiveness amount. The application also includes the necessary borrower certifications, as well as a listing of the documentation the borrower must submit.
Along with their application, the borrower must submit the following:
Detail on the required documentation is shown on page 10 of the application and instructions.
We strongly encourage borrowers to consult with their CPA or tax professional to assist with the preparation of SBA Form 3508.
Additional regulations and guidance will be announced by the SBA in the coming weeks. As we receive these updates, we will continue to update the SAFE FAQ site and periodically email this information regarding the process to seek PPP loan forgiveness through SAFE.
Please contact SAFE at (800) SEE-SAFE and, when prompted, choose “3” from the menu to connect directly with our dedicated Business Banking call center team, or use our live chat team for assistance. Due to the high number of members seeking assistance, we are experiencing long wait times but will strive to provide you with the same care and attention we are providing to all our members.