GFA Federal Credit Union

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


GFA has begun the 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 all the necessary information and documentation needed from you to process your application while we await final guidance from the SBA. 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.


Please note that on April 16th, the U.S. Small Business Administration and Treasury Department announced that the funding for the Paycheck Protection Program (PPP) loans had been depleted. Although the National Small business Association is calling on Congress to quickly appropriate more funds, at this time we are not able to accept nor submit any additional Paycheck Protection Program loans to the SBA.

We thank you for your patience during this challenging time and are doing all we can to help those in our communities.

Please be safe and well.

SBA Paycheck Protection Program

The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, up to 100 percent of the loan is forgivable.

Details:
- Fast turnaround through GFA, a preferred express SBA lender
- 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.

- Loan payments will be deferred for six months
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination
- Loans will be fully guaranteed by the Federal Government
- Applies to business with less than 500 employees

What costs are eligible for the Payroll Protection Program:
- Compensation (salary, wage, commission, or similar compensation, payment of cash tip or equivalent)
- Payment for vacation, parental, family, medical, or sick leave
- Allowance for dismissal or separation
- Payment required for the provisions of group health care benefits, including insurance premiums
- Payment of any retirement benefit
- Payment of State or local tax assessed on the compensation of employees
....
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

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.
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