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COVID-19 Solution Center for Business

Help with SBA Loans and Other Coronavirus Financial Solutions

If your business is faced with financial hardship due to COVID-19, we are providing the following solutions in conjunction with the Small Business Administration (SBA).

TDECU is here to help you with these programs, to learn more contact your TDECU Commercial Loan Team at
(800) 839-1154, Ext. 4618 or via email at

Small Business Paycheck Protection Program (PPP)

Updated May 8, 2020

Due to the popularity of this program, we are still processing applications received that did not receive funding from the first round of appropriations.

Your application will be processed once all applicants from the first round have been processed.

Please note that approval and funding of your loan application is contingent upon becoming a member of TDECU.

TDECU always welcomes new members and the information needed to establish new membership is included in the package available for download below. To speed the process of funding, we ask that you provide all requested information to establish membership when you submit your application package.

TDECU makes no guarantees regarding application processing times, whether an application will be approved, or the availability of funds, as such funds are limited and subject to availability from the SBA.

The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. This program is implemented by the Small Business Administration with support from the Department of the Treasury.

Under this program:

  • Loans may be fully forgiven
  • Businesses must keep employees on the payroll – or rehire quickly
  • All Small Businesses are eligible
  • Full program details can be viewed on the SBA Website.
When to Apply

April 3, 2020, small businesses and sole proprietorships can apply.
April 10, 2020, independent contractors and self-employed individuals can apply.

As your credit union we’ll assist you through the application process and we encourage you to apply as quickly as you can because there is a funding cap.

How to Apply

  1. Download the application package
  2. Complete the forms
  3. Upload the application package to us securely online or contact your TDECU Commercial Loan Team

Small Business Paycheck Protection Program (PPP) – Loan Forgiveness

As part of the SBA Paycheck Protection Program, your loan may be eligible for forgiveness, provided that within the 8 weeks from the time your loan is funded, you use the loan proceeds as follows:

At least 75% of your loan proceeds must be used for:

  • Payroll costs

25% of your loan proceeds may be used for:

  • Payments of interest on commercial mortgage obligations incurred before February 15, 2020
  • Rent payments on leases dated before February 15, 2020
  • Utility payments under service agreements dated before February 15, 2020

For additional details of the loan forgivness program, including information on determining payroll costs and record keeping requirements, download our informative document: SBA Paycheck Protection Program – Loan Forgiveness.

We are here to assist you

Your TDECU Commercial Lending Team will be reaching out to you in approximately 8-10 weeks after your loan funded to start the process of the application for forgiveness. TDECU only acts as your agent in this process, the SBA makes the forgiveness determination. However, by maintaining good records, and providing the supporting documents as requested you can help our team help you throughout the process.

SBA Express Loan Program

TDECU SBA Express loans are a simple way to receive expedited government-guaranteed financing for your small business due to financial hardships caused by the COVID-19 pandemic. Until December 31, 2020, businesses can be granted up to $1,000,000 of capital.

Since TDECU is a Preferred Lender with the SBA;

    • Your loan can be approved in as little as 10 days vs. 20+ days for a traditional SBA 7(a) loan
    • TDECU can process your loan application and provide loan documents without having to obtain SBA approval

How to Apply

If your small business has been profitable for the last 2 years and is in need of capital to grow, you can apply for the SBA Express Loan by contacting your TDECU Commercial Loan Team.

Economic Injury Disaster Loans and Loan Advance

Updated May 5, 2020

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan Advance of up to $10,000. The Disaster Loan advance can be provided within 3 days and may be considered a grant (see SBA website for full details)

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

How to Apply

Economic Injury Disaster Loans are provided through the Small Business Administration (SBA).

Apply Now

SBA Coronavirus Debt Relief

We understand current circumstances may temporarily affect your ability to make your loan payment, and we’re here to help. We’re giving you greater flexibility so you can keep more of the cash you have today.

The SBA Debt Relief Program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. If you have a SBA loan with TDECU this means your next six (6) regularly scheduled payments on your SBA loan will be paid directly to TDECU by the SBA and no action is needed on your part.

Under this program:

  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.

How to Apply

No action is needed on your part. If you have questions about your current loan and whether or not your loan is automatically deferred, please contact your TDECU Commercial Loan Team.

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