Important update regarding the Paycheck Protection Program
The Small Business Administration (SBA) has announced that it is no longer accepting applications from most lenders. This is earlier than the anticipated May 31, 2021 deadline.
- Hudson Valley Credit Union is no longer accepting or processing new PPP loan applications.
- If you have a pending application, we will notify you with updates via email as soon as we know more. Please note information regarding the status of your PPP loan is not available through the Branches or Contact Center.
- Businesses who qualify are still eligible to receive funding through Minority Deposit Institutions (MDIs) and Community Development Financial Institutions (CDFIs).
- If you want to learn about Forgiveness for a PPP loan you already received, please visit our Forgiveness page.
If you have any questions, please contact your business loan officer or email us at commerciallending@hvcu.org. For full program details, SBA.gov.
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.
What is the SBA’s Restaurant Revitalization Fund?
This program provides emergency assistance for eligible restaurants, bars, and other qualifying business impacted by COVID-19. You can find details on the program, including how to apply, on the
SBA’s website here.
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.