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)
Update: The deadline to apply for the Paycheck Protection Program (PPP) Funding was July 31, 2020. At this time, we can no longer accept applications.
For full program details, including loan forgiveness, 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 employer’s ability to maintain or quickly rehire employees and maintain salary levels. The PPP Flexibility Act was signed into law on June 5. This legislation made important changes to the Paycheck Protection Program (PPP), including to the terms of loan forgiveness. Until we receive additional guidance from the SBA, we will not be accepting PPP loan forgiveness applications.
Loan forgiveness is not automatic. If you are planning on requesting forgiveness of your PPP loan, you will need to submit an application through our online portal. Please review the SBA’s Form 3508 instructions and Form 3508 EZ instructions to determine which application is right for your business. It is recommended that you review, in detail, what is being requested of you for loan forgiveness.
If you received a PPP loan through the credit union, please check back frequently. We will provide a link to our online portal when it is time to submit your loan forgiveness application.
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?