7 17 Credit Union is now offering Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA) to qualified 7 17 Credit Union Business members.
Under the Economic Aid Act, the Paycheck Protection Program was reinstated and will be in place until March 31, 2021. Eligible businesses will be able to apply for their first PPP loan or apply for a second draw if they had a previous PPP loan.
These loans are designed to provide a direct incentive in the form of a forgivable loan for small businesses so that they can maintain their payroll, hire back employees who may have been laid off and cover applicable overhead. For more information on the PPP program, including eligibility, required documentation and how much money you can receive, please visit the SBA website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
. It is recommended that you speak with a professional to determine the benefits and risks associated with a PPP loan.
We are actively preparing to help our Business members who qualify to participate in this program. We are utilizing an online application process, and members will be processed on a first-come, first-served basis. The application will walk you through the process step-by-step. The initial questions will determine whether or not your business meets the criteria to qualify for a PPP loan. As this is an automated solution, paper applications and applications by phone are not available.
As we anticipate a strong demand, we you thank you for your patience as we work to assist you with this important program.
Paycheck Protection Program (PPP) FAQs
Is there a demo I can watch to help me with the online PPP application?
Yes, please view the demo here
Is 7 17 Credit Union only offering the PPP to existing business members?
Businesses that do not currently have business accounts with 7 17 Credit Union may apply for a PPP loan through 7 17, but will need to open a 7 17 Business Savings Account prior to applying. The business must meet membership
and eligibility requirements to open an account. If the business does not meet the requirements to open an account, they will be unable to apply for the PPP loan at 7 17.
Will the PPP funds be deposited into a 7 17 business account?
Once approved, the funds will be automatically deposited into your business savings account. You will receive a notification from 7 17 about the availability of the funds.
Can 7 17 deposit the PPP funds into an account at another financial institution?
After the PPP funds are deposited into your Business Savings account, 7 17 can help you transfer the funds to another financial institution.
How do I get support during the application process?
For assistance with a new or existing loan application, please click on the chat icon in the top of the application (see red circled area in the image). Or, you may contact Lendingcentersupport@lucro.org
Is my business eligible for the PPP? How much money can I receive? What tax documents will I need?
Please consult your accountant and/or review this helpful resource
from the SBA website for more information.
Can I come into a branch to apply for the PPP?
No, you must apply online
How long will it take to get my PPP loan approved and the money in my account?
Your approval time varies depending on a number of factors, including your application, the volume of applications to the SBA, and your responsiveness to emails sent by Lucro/7 17. If your application is complete with no errors, approval times are shorter. If your application contains errors, or if you do not upload additional requested documentation, it could delay your application.
Once you apply for your PPP loan, 7 17 and Lucro communicates exclusively through the email address you provide in your application. Therefore, it is very important to check your email regularly for communication that may contain requests for more documentation, prompts to sign PPP documents, and/or the deposit of your PPP funds.
When can I apply for forgiveness of my PPP?
Eligible 7 17 PPP borrowers will be able to apply for PPP loan forgiveness at 7 17 Credit Union. More details on loan forgiveness are coming soon.
What browser should I use to apply?
We recommend that you use Google Chrome as your browser.
On what devices can I apply for the PPP loan?
We recommend that you apply using a PC or Laptop. Do not use a mobile device to apply for the PPP.