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.
Paycheck Protection Program (PPP) Application Available
Due to high demand, HVCU will only be accepting applications submitted through our
PPP Application Portal, so long as funds remain available or until 03/31/2021 (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.
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.
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.
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.
***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.***
Familiarize yourself with the documentation needed:
- Beneficial Ownership Form (for new customers only)
- Form 941 or any other tax forms to validate the payroll cost
- Form 940, state income and unemployment tax filing reports (used for payroll calculation)
- Payroll reports for each pay period for the preceding 12 months (to included gross wages including vacation, sick, and other PTO)
- Documentation reflecting the health insurance premiums paid under a group health plan for preceding 12 months (to include owners of the company also)
- Documentation of all retirement plan funding by the employer for the immediately preceding 12 months
- Form 1099-MISC
- Form 1040 Schedule F
- Income expenses from a sole proprietorship or bank records
- Payroll calculation spreadsheet
- Affiliate details – Addendum A, if applicable
- SBA EIDL details – Addendum B, if applicable
- 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.
- Formation/Organization/Incorporation Documents
- Form 1040 Schedule C
Who Can Apply:
- 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. visit
Completed applications will be processed in the order in which they are received, and as in the past, we are unable to guarantee funds. For full program details,
SBA.gov.
SBA PPP Loan Forgiveness
We are not currently accepting PPP loan forgiveness applications, but plan to do so after we receive guidance from the SBA.
There will be a simplified one-page application process for PPP loans that are $150,000 or less. The SBA has until January 20
th to provide guidance along with the updated application. Additional information, including how to apply, will be updated here once it is available.
If your loan through Hudson Valley Credit Union was greater than $150,000, you will be contacted directly with instructions for loan forgiveness.
Learn more about forgiveness at
SBA.gov.
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.
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
I’m a Business Owner in the Hudson Valley, what resources are available for me?