Paycheck Protection Program Information

Loan Forgiveness Resources

 
SBA Loan Forgiveness Application 
(The application is for your reference.  At this time DO NOT complete this application)
 
  

Loan Requests

To check on availability, please call us at 847-729-1900  (GSB Customers Only)

 
 
 Eligibility Guidelines 
 
  • To qualify, companies and nonprofits must have fewer than 500 total employees, including all affiliates, subsidiaries and companies under common ownership. Certain exceptions apply for small businesses in the food service sector, franchises and SBIC-financed businesses.
  • You can apply for both an Economic Injury Disaster Loan (through the SBA) and a Payroll Protection Program Loan, but there may be no duplication in the use of funds.
  • The maximum loan amount is 2.5 times your monthly payroll, up to $10 million, with an interest rate of 1.0%. The loan has a 2 year maturity.
  • A portion of the loan can be forgiven. Subject to certain restrictions, the portion of the loan eligible for forgiveness can include payments made during the eight-week period following your loan funding (the 8 weeks cannot go beyond June 30, 2020) for the following: payroll and benefits, interest payments on mortgages, rent payments, health insurance, and utility payments.
  • These will be unsecured loans that do not require personal guarantees.
  • You may be able to defer payments up to 6 months.
 
If you’ve already had to reduce your workforce due to COVID-19, determine if you would like to rehire them. They will be covered.
 

Other Resources