The Coronavirus Aid, Relief and Economic Security (CARES) Act has provided an additional $310 billion to small businesses during this difficult and unprecedented time. This program has been extended through August 7th. Northwest Community Credit Union are ready to assist you to utilize funds from the CARES Act to help you maintain your business and your employees.
Paycheck Protection Program Loan
Please Note: Due to high demand and limited funds there is no guaranteethat applicants for a Small Business Administration Paycheck Protection Program Loan will receive SBA approval and funding.
Who Can Apply? Northwest Community Credit Union are currently accepting applications from existing credit union business members, members of the Illinois Hispanic Chamber of Commerce (IHCC), Morton Grove or Skokie Chamber of Commerce.
You may be eligible to apply for the PPP Loan if you are one of the following:
- Small business with fewer than 500 employees
- Small business that meets the SBA’s size standard
- 501(c)(3) business with fewer than 500 employees
- 501(c)(19) Veterans Organization that meets the SBA size standard
- Business with a NAICS Code that begins with 72 (Accommodations and Food Services)
- Tribal business concern that meets the SBA size standard
- Sole proprietor, independent contractor or self-employed
Loan Details and Forgiveness
- PPP loans have an interest rate of 1%.
- Maturity of 5 years.
- Loan payments will be deferred for six months.
- No collateral or personal guarantees are required.
- Neither the government nor NWCCU will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
More information can be found here.
If you are not an existing NWCCU Business Member* you will need to upload ALL documents in the PPP Loan application process.
Please have the following documents ready:
- Proof of EIN
- Articles of Organization/Incorporation
- Corporate Resolution (States who has authority to open the account and conduct business)
- Social Security # for ALL signers
- DOB (All Signers)
- Primary and Secondary ID’s
- Proof of Address (All signers)
* Existing membership at NWCCU with the business as owner of the account.
To start your application, click here:
Please NOTE; you will receive an email from NWCCU to review and confirm your the information on the application. At this stage you will have the opportunity to upload ALL documents.
Please be patient with us as we will make every effort to make this process as quick and as smooth as possible.
If you have been denied or need help with the process, please contact the IHCC office immediately by emailing [email protected] or calling (312) 425-9500.
