SBA Relief Options for Existing Business Members
SCU Credit Union is ready to assist our member businesses with SBA-sponsored government relief programs. We recommend you consider the following programs to assist your business:
SBA Express Bridge Loans
The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for an Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for a decision and disbursement of an Economic Injury Disaster Loan, they may qualify for an Express Disaster Bridge Loan.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
- Must have Existing Active Banking Relationship with SCU Credit Union as of the date of the applicable disaster.
Paycheck Protection Program Loan Forgiveness
SCUCU is now accepting Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan Forgiveness Applications.
General Overview of SBA PPP Forgiveness Request Process:
- The Borrower will initiate the forgiveness request process by completing the PPP Forgiveness Application.
- SCUCU will send the Borrower a email with a link to a secure Loan Portal to Sageworks, our commercial loan system.
- The Borrower will then upload the completed application and all forgiveness documentation to the Sageworks Loan Portal.
- SCUCU will review the application and verify the documentation submitted by the Borrower.
- SCUCU will contact the Borrower with any outstanding questions or additional documentation requests.
- If no further documentation or information is required, SCUCU will submit the application and documentation to the SBA for review and forgiveness determination.
- SCUCU will contact the Borrower directly with the SBA’s decision and the amount of loan forgiveness.
- If there is any remaining outstanding loan balance after the forgiveness amount has been applied, SCUCU will work with the Borrower to pay back the balance over a period of two to five years from the date of the loan.
Please refer to the SBA PPP website for additional resources and details regarding SBA PPP Forgiveness requirements, calculators, and timing. Finally, as an SBA PPP Lender, Sharon & Crescent United Credit Union cannot offer an opinion on whether the loan of any particular borrower qualifies for forgiveness.
As always, if you have any questions or concerns, please contact the Commercial Dept at CCU.Commercial@scucu.com.