GFA Federal Credit Union

Thank you for trusting GFA Federal Credit Union for your Paycheck Protection Program Loan through the SBA.

SBA Paycheck Protection Program

To begin your online application for the SBA's Paycheck Protection Program Loan please click here 

The Paycheck Protection Program resumed Januray 11, 2021

The Paycheck Protection Program (PPP) is designed to provide loans to help small businesses keep their workers on payroll during the COVID-19 crisis. The SBA is currently offering First Draw PPP Loans for first time program participants as well as Second Draw PPP Loans for certain businesses who have previously received a PPP loan.

Payroll Protection Program funds can be used for:
- Payroll costs, inlcuding benefits
- Paying for mortgage interest, rent, and utilities
- Worker protection costs related to COVID-19
- Uninsured property damage costs caused by looting or vandalism during 2020
- Certain supplier costs and expenses for operations

Details:
- Fast turnaround through GFA, a Preferred Express SBA lender
- Loans are fully guaranteed by the Federal Government
- Applies to business with less than 500 employees
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount Depending on your business’s situation, the loan size will be calculated in different ways (see below). 

If you were in business February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs during that time period. If your business employs seasonal workers, you can opt to choose March 1, 2019 as your time period start date

If you were not in business between February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs between January 1, 2020 and February 29, 2020.

If you took out an Economic Injury Disaster Loan (EIDL) between February 15, 2020 and June 30, 2020 and you want to refinance that loan into a PPP loan, you would add the outstanding loan amount to the payroll sum.

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What costs are not eligible for the Payroll Protection Program:
- Employee/owner compensation over $100,000
- Taxes imposed or withheld under chapters 21, 22, and 24 of the IRS code
- Compensation of employees whose principal place of residence is outside of the U.S.
- Qualified sick and family leave

Review process for the the SBA's Paycheck Protection Program Forgiveness application.

To begin your forgiveness application Click Here. This online form will walk you through step by step to ensure we receive all the necessary information and documentation needed from you to process your application. This link will also provide you with access to a messaging system which will keep you in touch with our PPP specialists from start to finish, as well as allowing you to upload your required documents for a seamless process.

Other SBA Programs:

SBA Express Bridge Loan

Details:
- Available to current GFA Business Members
- Up to $25,000
- Fast turnaround through GFA, a preferred express SBA lender
- Can be repaid in full or in part by proceeds from the EIDLP ( Economic Injury Disaster Loan Program)

Economic Injury Diaster Loan Program

Details:
- Offers up to $2 million in low-interest loans to small businesses and non profts who have been severly impacted by Covid-19
- Low rate loan can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid becuase of the diaster's impact

Please click here for a full FAQ on the programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act for Small Business owners.

If you have any questions or need additional assistance feel free to call 1-978-632-2542 and ask for COVID Business Support, or email covidbizsupport@gfafcu.com.
© 2021 GFA FCU
229 Parker St, Gardner, Massachusetts 01440 US
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