The U.S. Senate approved an extension for the Paycheck Protection Program. This provides lenders an additional 60-days to complete and submit applications to the Small Business Administration for processing by May 31, 2021.
- In order to provide the necessary time to process loan applications before May 31, HVCU will only be accepting applications submitted through our PPP Application Portal. The last day we will accept applications will be May 17, 2021 at 5 pm ET (subject to change), or for as long as funds remain available, whichever comes first.
- Completed applications will be processed in the order in which they are received. We are unable to guarantee the availability of funds.
- Applicants must provide all required supporting documentation by 5 p.m. ET on May 20, 2021 in order for their loan application to proceed. If an applicant has already received an earlier deadline to submit required documentation, all documentation must be submitted by that earlier date.
- Due to the large volume of applications and the push to ensure funding for as many applicants as possible, we cannot provide exceptions to the May 17th application deadline or the May 20th date to submit documentation.
***Please note: Supported browsers for our online loan portal include Chrome and Firefox. If you run into issues accessing the application, please try clearing your browser's cache ("How-to" instructions can be found online for each browser) or using a "New Incognito Window" (Chrome only). You may need to close and reopen your browser after clearing the cache.***
If you have any questions, please contact your business loan officer or email us at commerciallending@hvcu.org. For full program details, SBA.gov.
Eligibility for Funding
Businesses must have an established share account to qualify for funding. If you don’t have one,
explore our business accounts or
make an appointment to create an account.
First-time borrowers: Businesses with 500 employees or less, who have been in operation as of February 15, 2020. This loan can be up to 2.5x your average monthly payroll costs, up to a $10 million loan maximum.
Second-time borrowers: Business with 300 employees or less, who have spent or expect to spend the full amount of their first PPP loan. This loan can be up to 2.5x your average monthly payroll costs, up to a $2 million loan maximum. All businesses applying for a second draw must show a revenue decline of at least 25% in any quarter in 2020 compared to the same quarter in 2019.
- Food Service and Accommodation companies can borrow up to 3.5x their average monthly payroll costs, up to a $2 million loan maximum.
- Businesses can apply for a second loan whether or not they have requested forgiveness.
Additional Info & FAQ’s
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.
PPP Schedule C Update
Self-employed and gig workers can now apply for PPP loans using gross income under new rules. In an effort to expand access to the nation’s smallest businesses, sole proprietors will have an opportunity to take advantage of a new loan calculation. Interim final rules were released on March 3, 2021. SBA Form 2483-C is now available through HVCU’s application portal. To apply using this calculation, please select the checkbox for Form 2483-C under “Form Type” as shown below.
Second-Draw PPP Loans
The promissory note from your first PPP loan contains your SBA Loan Number. You will need your SBA Loan Number to apply for a Second-Draw PPP loan. If you cannot locate your SBA Loan Number, please email us at commerciallending@hvfcu.org.
As a previous PPP loan borrower, the only required documentation needed to process your second-draw loan is one of the following: Internally prepared quarterly financial statements (Profit & Loss) for any comparable quarter(s) in 2019 and 2020 showing a reduction in gross receipts of at least 25%. For example: Q2 2019 and Q2 2020.
Proof of reduction on an annualized basis in the form of tax returns can also be submitted if available.
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 StoreI’m a Business Owner in the Hudson Valley, what resources are available for me?
Other Relief Options
Hudson Valley Credit Union is working closely with business members to navigate through today’s challenges while preparing for what’s next. 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.
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.