Hudson Valley Credit Union is working closely with our business members to help you through this unprecedented time. The Small Business Administration (SBA) and the Department of Treasury have begun releasing the information that will guide the programs created through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Please check back here frequently for updates. For more information on any of these programs, including if your business is eligible, please visit sba.gov. Please note at this time, we are experiencing a very high volume of calls and emails. We will do our best to reach out to our business members as quickly as possible.
Paycheck Protection Program
This program is designed to encourage small business employers to keep their workers on payroll by providing a loan intended to cover payroll and certain other expenses. HVCU business members may qualify for a loan up to $10 million determined by eight weeks of prior average payroll plus an additional 25% of that amount. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. For full program details visit the SBA website. If you are a current HVCU Business member, complete the Paycheck Protection Program Application to get started. Once you complete this application, follow these steps to submit it:
- Resave your application using this naming convention: BorrowerlastnameCARESPPP (e.g. JohnsonCARESPPP).
- Email the application to your Business Loan Officer.
- If you are not working with a Business Loan Officer, email your application to commerciallending@hvfcu.org.
Economic Injury Disaster Loans and Loan Advance
Disaster relief is available for New York State. Learn more about the U.S. Small Business Association’s Economic Injury Disaster Loan Program or apply now.
If you have questions about the application or problems providing the required information, please contact the SBA’s Customer Service Center at 800.659.2955 (TTY: 800.877.-8339) or at DisasterCustomerService@sba.gov.
Business FAQs
The following is a list of questions you might have at this time – click the + sign to expand and see each answer. If you do not see your question, please send us a secure email, live chat, or call our Contact Center at 845.463.3011 Monday through Friday 8 am to 8 pm ET or Saturdays 8:30 am to 5:30 pm ET. Thank you for your patience, as we’re experiencing a great deal of outreach from members at this time.
How do I reach my Business Loan Officer?
As a business owner, what do I do if I need help with my account or making payments?
Call us at 845.463.3011, use our live chat option, or request that someone reach out to you.
My business has been affected by COVID-19, what are my options?
Outside of the SBA loans available, branch managers and business loans officers can discuss a range of possibilities like lines of credit, term loans, credit cards, or commercial loan products. Find a local business expert or start an application.
How do I stay connected to my business accounts?
Update personal information, see balances, transactions, move funds and make mobile deposits with our Internet Banking and Mobile Banking tools. If you are a business owner and would like Internet Banking access, please call us at 845.463.3011. Once set up for online banking access, you can download our Mobile Banking app: Google Play | App Store
Can I apply for the Paycheck Protection Program through HVCU?
Existing HVCU Business Members can apply by completing the Paycheck Protection Program Application. We are experiencing a very high volume of calls and emails so we will do our best to reach out to our business members as quickly as possible. If you are not already an HVCU Business Member, please review our membership requirements. Thank you.
I’m a Business Owner in the Hudson Valley, what resources are available for me?