SECU Paycheck Protection Program
UPDATE: As of April 16, 2020 the Federal Funding in the Payment Protection Program has been exhausted. We are hopeful that our congressional representatives will vote to approve additional funding to support our business members as soon as possible. Once this is done, SECU will proceed with submitting completed application packages. Please continue to connect with your SECU Business Relationship Manager for any questions related to this program or for additional financial guidance.
Small businesses are what keep our local economy thriving. As such, we want to ensure you’re able to remain strong and navigate through this crisis. SECU is proud to participate in the Small Business Administration (SBA’s) Paycheck Protection Program – offered through the government CARES Act.
This program is designed to offer small businesses (fewer than 500 employees) disrupted by COVID-19 emergency financial relief through a low-interest federally-backed, potentially forgivable loan, to cover things like: payroll, rent, utilities, and mortgage interest payments.
Find out if this program is the right for your business by reviewing additional details provided by the SBA
. Please note, to apply for a Pay Check Protection Program (PPP) loan through SECU you must be a SECU Business Member
on or before Feb 15, 2020.
We are actively working with the SBA and awaiting their guidance on submission of completed applications. In the meantime, we’d like to start the process with our members in an effort to provide relief as soon as we are able.
Ready to get started? Please contact a SECU Business Relationship Manager to discuss next steps.
To help prepare for this process, there are a few documents you will need to provide:
1. Collect Proof of payroll costs and expenses, these could include:
- IRS Form 940 and/or Form 941 for the previous tax year
- Form W-2 Wage and Tax Statement Employer Reference Copy
- Payroll summary report for 2020
- Payroll processor records and/or IRS tax filings
- Form 1099-MISC
- Benefit expenses covered by the CARES Act PPP
2. Prepare supporting documentation for other expenses in the loan amount could include: rental agreements, utility statements, or mortgage interest statements (IRS Form 1098)
Please note, if your average monthly payroll is less than $4,000 or if you need funds immediately, you may want to consider applying for the Economic Injury Disaster Loan Program
through the SBA.
Personal Relief Loan
SECU is offering a Personal Relief Loan to help get you through this tough time. If you’re experiencing a financial hardship and need more immediate access to funds, this loan is designed to provide you with:
Note: Select Personal Loan, then Signature Loan, then Relief Program
- Up to 60 month term
- Deeply discounted interest rate
- $300 minimum - $10,000 maximum
You can also call us at: 800-879-7328. Choose option 2, then option 3, then 1 (Please be advised: we are experiencing higher than normal call volumes and appreciate your patience during this time.)
Hardship Support & Consultations
We are here and ready to help you. Please reach out with any questions you have about how we can help your business during this challenging time and a Business Relationship Manager will set up a consultative call to discuss your specific needs.
Contact Hardship Support