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FAQ about the Paycheck Protection Program (PPP)

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Notice:
SAFE Credit Union has made the difficult business decision to stop accepting Paycheck Protection Program (PPP) loan applications due to a high volume of applications. If you submitted an application, SAFE will be in contact with you in the near future to confirm your submission. Please find the latest updates from SAFE at safecu.org/coronavirus.

I submitted my application through the SAFE online portal. Now what?

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.

  • Copies of payroll tax reports filed with the IRS (including Forms 941, 940, state income, and unemployment tax filing reports) for the entire year of 2019 and the first quarter of 2020 (if available).
  • Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (vacation, sick, or other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan.
  • Documentation reflecting the health insurance premiums paid by the company under a group health plan, including owners of the company, for the immediately preceding 12 months prior to the date of the SBA loan origination. Copies of the monthly invoices should suffice.
  • Documentation of all retirement plan funding by the employer for the immediately preceding 12 months. Copies of workpapers, schedules, and remittances to the retirement plan administrator will suffice.

I tried to submit my application through the SAFE online portal but it wouldn’t work, what do I do?

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. 

What if I am not a SAFE Business Banking member but a SAFE member?

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.

What if I am not a SAFE member?

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.

How long will it take to find out whether I’m approved?

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.

After it’s approved, how long until I get my money?

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.

How will I get my money?

SAFE will deposit it into your Business Banking checking account. Visit this page to learn how to set alerts when deposits are received.

What if I want it to go into another account?

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.

Can I apply for a second PPP?

No. The CARES Act that created the PPP allows for only one such loan per business.

I was turned down for a PPP loan. What can I do now?

The SBA has other loan products available for businesses at this time, including Emergency Economic Injury Loans and Bridge loans.

How do I get the loan forgiven?

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:

  • Loan Forgiveness Calculation Form
  • PPP Schedule A
  • Documentation verifying payroll expenses including tax and insurance costs during the covered period
  • Documentation showing average number of FTE employees on payroll during the covered period
  • Documentation verifying non-payroll expenses for the covered period including rent or lease and utility payment

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.

Who can I talk to if I still have questions or need help with my application?

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.