Paycheck Protection Program

Updated: May 5, 2021:  Access to PPP Loans is now closed

Updated: March 30, 2021:  

The SBA reopened the Paycheck Protection Program (PPP: Round 3) for First Draw and Second Draw Loans in January, 2021.  The deadline has been extended until May 31, 2021.

Global is participating in PPP: Round 3 to assist our members and local businesses through the challenges of the pandemic. Because of the new requirements, we ask that you call 509-455-4652 for specific information on how to apply.  Please have your Global Credit Union account number when you call.   We recommend that you familiarize yourself with the new guidelines by reading the information below.

Who Can Apply for First Draw

This PPP Round 3 loan option is for businesses who have not previously obtained a PPP loan through the CARES Act.  Global Credit Union members of eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees, are eligible.  Any eligible small business affected by COVID-19, including:

•    Nonprofits
•    veterans organizations
•    tribal concerns
•    self-employed individuals
•    sole proprietorships
•    independent contractors

Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

•    Employee and compensation levels are maintained;
•    The loan proceeds are spent on payroll costs and other eligible expenses; and
•    At least 60 percent of the proceeds are spent on payroll costs.

Please see the SBA's Top-Line Overview First Draw PPP (PDF) for more information.

Reapplying and Loan Increases for members who have an existing PPP loan

Existing Global Credit Union PPP borrowers that did not receive loan forgiveness by December 27, 2020 may:

1.    Reapply for a First Draw PPP Loan if previously returned some or all of their First Draw PPP Loan funds, or
2.    Request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible (Certain circumstances must be met, please call Global for more detailed information).

Who Can Apply for Second Draw

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

•    Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
•    Has no more than 300 employees
•    Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Please see the SBA's Top-Line Overview Second Draw PPP (PDF) for more information.

How to Apply

Due to the new requirements please:

1.    Call Global Credit Union at 509-455-4652 for information on how to apply 
2.    Have your Global Credit Union account number when you call  
3.    In addition to the SBA requirements, Global also requires you to have an established membership at the time of application.

Application Deadline

Applications for the PPP program will be accepted through May 31, 2021, or until the funding provided by the Economic Aid Act has been exhausted.

Please be aware of fraudulent activity related to the Paycheck Protection Program. The Small Business Administration, Internal Revenue Service and U.S. Department of the Treasury will not contact anyone directly related to the various relief programs. In addition, Global Credit Union will never proactively call and ask for your full social security number or other sensitive information via phone or email. Please note that any promises to expedite receipt of payment or increase the payment amount from the government for a fee are fraudulent.  For additional information visit U.S Treasury’s Website on Assistance for Small Businesses :  https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

What if I haven’t received my payment yet?

Don’t worry! The IRS is sending payments out in waves. Go to the IRS resource page for more information. 
 

What if I receive an economic impact payment (EIP) card?

1.  Activate your EIP prepaid debit card and set a PIN by calling Money Network Financial at 800.240.8100. 

2. Use it anywhere Visa® debit cards are accepted. 
 

How Can Global Help?

Get alerted when your payment arrives.
Set up account alerts in Global eBranch and receive text or email notification when your payment arrives.

For the GlobalCU mobile app go to "More" > Click the Settings icon > "Push notifications" and customize your notification settings.
For the stimulus payment, utilize the "Large Deposit" option. 

Deposit your check without leaving home.

Access funds quickly and conveniently using the Mobile Deposit feature in eBranch. 

Deposit your check in person.

Visit your nearest Global branch, ITM, drive-thru, ATM or night deposit drop to deposit your check.

Remember, you will need to sign the back of your check for deposit. And if the check is made out to you and your spouse, the IRS requires both of your signatures on the back. 

Go to the IRS resource page for more information.