SECU Paycheck Protection Program
On March 3, 2021 the SBA published updated guidance in the Paycheck Protection Program (PPP) that has clarified both loans that were received in the first cycle (PPP1) and what can be expected in the second cycle (PPP2). This includes updated applications and guidelines as it relates to Sole Proprietors and single owner LLC’s that use Schedule C.
The deadline for SBA PPP2 loan applications is May 23, 2021.
Applicants will need to certify several things to apply for PPP2:
PPP2 Applications (1st time Borrowers)
Click here to download the 1st Time PPP Borrowers application
- Applicant will not receive another PPP2 loan.
- Applicant has used or will use the PPP1 loan only for eligible expenses.
- Applicant is not an ineligible entity.
Needed supporting documentation:
PPP2 Applications (2nd time Borrowers)
Click here to download 2nd Time PPP Borrower application
- 2019 or 2020 payroll summary (choose whichever average 12 month period is higher)
- 4 quarters of payroll tax forms for the corresponding year (Form 941)
- Federal EIN documentation
- SDAT Certification (Good Standing)
- General ledger showing health care benefits paid per employee for the corresponding year
- General ledger showing retirement benefits paid per employee for the corresponding year
PPP2 Applications for Sole Proprietors/Single member LLC’s that file Schedule C
- PPP1 Forgiveness application completed and submitted
- 2019 and 2020 Financials showing a 25% reduction in gross receipts either by using the same quarter for each year or annually
- Must have less than 300 employees
Click here to download the sole prop/Single member LLC Schedule C (1st Time PPP Borrowers application)
Click here to download the sole prop/single member LLC Schedule C (2nd Time PPP Borrowers application)
- Please provide 2019 or 2020 Schedule C
- Federal EIN document (if not detailed on Schedule C)
- SDAT Certification of good standing
Please complete and forward applications to email@example.com
Please note, information about your application status will not be available through our financial centers or call center. Please continue to directly connect with your SECU Business Relationship Manager
for any questions related to this program, or submit an inquiry for additional financial guidance.
Need additional program information? Click here,
to review details provided by SBA.
SECU Paycheck Protection Program Forgiveness
For members who have PPP loans with SECU, and are seeking forgiveness of these loans, please click and download each of the documents listed below.
PPP Loan Forgiveness Application
PPP Loan Forgiveness EZ application
Once you have completed the application for PPP Forgiveness, please email the form along with the required supporting documentation to: firstname.lastname@example.org
Please allow 2 days for a response from a SECU Business Relationship Manager.
For more information to aid you in this process, please see some helpful links and documents below. We look forward to serving you.
To review frequently asked questions about PPP Loan Forgiveness please click here
For general information regarding SBA PPP Loans, click here
For instructions on how to complete your application, below are some helpful links you can click and download.
PPP- Supporting Material
PPP Loan Forgiveness Instructions
For PPP2 Loan Forgiveness, the following costs are eligible:
The information contained on this site is provided for informational purposes only and is subject to change. It is not guaranteed to be current, correct or complete. Further, the information is not intended to provide any legal, tax, accounting or other advice. Viewers are urged to consult with and engage their own attorneys, accountants or other advisors if any professional advice is needed.
- Payroll costs (including group life, disability, vision, or dental)
- Mortgage Interest
- Utility Payments
- Covered worker protection expense
- Supplier costs that are essential to an applicant’s business
- Operational expenses such as software, cloud computing and other HR/Accounting
- Property damages related to 2020 public disturbances not covered by insurance
- 60/40 split between payroll and other costs. Payroll must be at least 60% but can be more.
Personal Relief Loan
SECU is offering a Personal Relief Loan to help get you through this tough time. If you’re experiencing a financial hardship and need more immediate access to funds, this loan is designed to provide you with:
Note: Select Personal Loan, then Signature Loan, then Relief Program
- Up to 60 month term
- Deeply discounted interest rate
- $300 minimum - $10,000 maximum
You can also call us at: 800-879-7328. Choose option 2, then option 3, then 1 (Please be advised: we are experiencing higher than normal call volumes and appreciate your patience during this time.)
Hardship Support & Consultations
We are here and ready to help you. Please reach out with any questions you have about how we can help your business during this challenging time and a Business Relationship Manager will set up a consultative call to discuss your specific needs.
Contact Hardship Support