Hudson Valley Credit Union is working closely with our business members to help you through this unprecedented time. Business members who wish to request loan relief due to a Covid-19 hardship are encouraged to call the Contact Center at 845.463.3011, live chat with us, or send a secure email.
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 (PPP)
The deadline to apply for the Paycheck Protection Program (PPP) is June 30, 2020. At this time, we can no longer accept applications. For full program details visit the SBA website.
SBA PPP Loan Forgiveness
The CARES Act provides for forgiveness of up to the full principal amount of qualifying loans. This is based on the employers ability to maintain or quickly rehire employees and maintain salary levels. Borrowers can seek forgiveness as early as eight-weeks following the date of disbursement of their PPP loans. The SBA and the United States Department of Treasury have released an interim final rule on loan forgiveness posted on June 1, 2020.
Borrowers can request forgiveness of the loan in the amounts equal to costs incurred and payments made during the covered period related to:
- Payroll costs, including…
- Compensation to employees (US Residents) in the form of salary, wages, commissions, or similar compensation
- Cash tips or the equivalent
- Payment for vacation, parental, family, medical, or sick leave
- Allowances for separation or dismissal
- Payment for the provision of employee benefits including group health coverage, insurance premiums, and retirement
- Payment of state and local taxes assessed on employee earning
- Lastly any independent contractor or sole proprietor, wages, commissions, income, or net earnings.
- Mortgage interest payments
- Utility payments – electric, gas, water, transportation, telephone, or internet access
New York Forward Loan Fund
New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income. Learn more.
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
I’m a Business Owner in the Hudson Valley, what resources are available for me?