Paycheck Protection Program


Forgivable Loans to Help Your Business or Nonprofit 

Update 2/25/21

Important update for sole proprietors, independent contractors and businesses with less than 20 employees

The SBA has made changes to the PPP loan program this week, which make it easier for self-employed individuals to get access to PPP funds.

  • Sole proprietors and independent contractors will have an updated loan formula calculation. While we are still waiting on the final determination from the SBA, it is likely that gross profit will be utilized for calculating owner’s compensation, rather than net profit as previously required.
  • The SBA has also enacted a lockout period, in which it will not approve loans to organizations with more than 20 employees until after March 9, 2021.

Click here to start a new application, review an existing application & upload any necessary documentation.

Before you apply, be sure to download our PPP Loan Application Checklist to learn more about the documentation you will be asked to provide when you apply.

FFCU SBA PPP Loan Program Fast Facts

  • No minimum loan amount
  • Loans up to $150,000.00
  • Available to new and existing members (New members must meet member eligibility requirements)
  • First and Second Draw Loans
  • Open to sole proprietors, independent contractors and other self-employed individuals
  • Open to incorporated entities and non-profit organizations

You can use our Secure PPP Loan Application Portal to apply for your loan, review and electronically sign your loan agreement and request forgiveness, when the form is available.

If you have any questions, email us at or call us at 847.676.8000.

Now Accepting PPP Loan Applications!

Our online PPP Loan Application Portal is now open! 

Download our PPP Loan Application Checklist so you know exactly what you’ll need to apply. 

Need help?

The online application has built-in tips to assist you with answering the application questions.

For further support, please email

How the Application Process Works

Step 1

Gather the necessary documents.

Refer to our PPP Loan Application Checklist.

We will be unable to process your application if documents from sections 1 & 2 are missing.

Step 2

Apply online using our secure PPP Loan Application Portal.

Upload the necessary documentation.

You will receive an email confirmation upon submission.

Step 3

We will review your application, and if approved, submit to the SBA.

If more information is needed, we will contact you via email.

Once approved by the SBA, you will receive an email notification.

Step 4

Once approved by the SBA, you will receive your loan documents electronically to sign.

We will contact you to finalize your business membership documents & obtain your signature.

We will confirm funding instructions for your loan proceeds & disburse funds.

PPP Frequently Asked Questions

Yes, FFCU will participate in the Payroll Protection Program and will accept applications of up to $150,000 in an effort to assist local Chicagoland’s local businesses and non-profits.

FFCU will offer a self-serve online application where any interested small business owners can apply directly with the SBA.

You will be able to apply, self-certify, and apply for loan forgiveness directly through the portal.

FFCU will offer a self-serve online application where any interested small business owners can apply directly with the SBA. The application will be made available by Friday, January 15.

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Sole proprietors, independent contractors, and self-employed persons
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500

First Draw PPP Loans – Applicants who have not previously received a PPP loan.

  • For these applicants, the new relief bill allows businesses to apply with generally the same eligibility requirements as originally outlined in the Paycheck Protection Program, though with a few key differences, as mentioned directly below.
  • Additional eligibility is extended to 501(c)(6)s, housing cooperatives, direct marketing organizations, among other organizations.
  • You can find more details on First Draw eligibility here.

Second Draw PPP Loans – Applicants who have previously received a PPP loan and will use (or have used) the full amount for authorized uses only. Eligibility and requirements for the Second Draw include, but are not limited to:

  • Those that demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  • Applicants who employ 300 or fewer people.
  • Loans will be capped at $2 million.
  • Funds are available up to 2.5x average monthly payroll costs.
    • Entities in industries assigned to NAICS code 72 (Accommodations and Food Services) may receive loans up to 3.5x average monthly payroll costs.
  • You can find more details on Second Draw eligibility here.
  • Borrowers can set their covered period to be any length between 8 and 24 weeks
  • The loan allows for a 60/40 cost allocation between payroll and nonpayroll costs, with recipients still able to receive full forgiveness
  • The additional expenses to be allowable and forgivable:
    • Covered operations expenditures.
    • Covered property damage costs.
    • Covered supplier costs.
    • Covered worker protection expenditure.

Other PPP Resources Paycheck Protection Program Official Page

Top-line Overview of PPP First Draw Loans

Top-line Overview of PPP Second Draw Loans

SBA Frequently Asked Questions on Loan Forgiveness

We encourage you to consult with your tax, legal and accounting advisors on eligibility, forgiveness, and specific expense/deduction related inquiries.