COVID-19 Solution Center for Business
Help with SBA Loans and Other Coronavirus Financial Solutions
May 4, 2021: Effective 5:00pm CDT, the SBA confirmed that the Paycheck Protection Program is now closed to new applicants. If you have already made application through TDECU and have not yet received funding, please contact our Relief Team at BusinessReliefLoans@tdecu.org to check the status of your application.
Small Business Paycheck Protection Program (PPP) – Loan Forgiveness
Thank you for entrusting TDECU with your recent SBA Paycheck Protection Program loan. We hope you and your employees are all safe and healthy during this difficult time. TDECU assisted you in the funds application process and we will remain by your side during the forgiveness process as well.
You may use your loan funds over a covered period of 8 to 24 weeks and you have several months to apply for forgiveness once the covered period has concluded. The SBA and Treasury have published three versions of the forgiveness application (a simple form 3508-S, a short form 3508-EZ, and a standard 3508-long form). It is anticipated that 95% of all applicants will qualify to use either the 3508-S or the 3508-EZ form. You can download the instructions for these three forms below:
TDECU is offering our PPP borrowers access to a secure online portal available to assist you in completing your application and providing the required supporting documentation. Once you are ready to apply for forgiveness, please contact one of our representatives at email@example.com to start the process. As part of granting access to the portal and to protect the security of your information we will be using a multi-factor authentication process which will require that you provide your TDECU representative a cell phone number to receive your authentication code. If you already used this portal for the first round of forgiveness or the second round application, you will use the login information that you set up previously.
Best Practices to increase likelihood of forgiveness:
- Download and read the instructions for the SBA Form 3508 Application for Forgiveness (above).
- Use loan proceeds only for the eligible uses listed above.
- Retain your supporting documents (payroll records, receipts, cancelled checks, etc.) for at least six years.
- Do not co-mingle funds. Keep your PPP loan proceeds in a separate account designated for payroll or PPP uses of funds.
- Retain your number of full time employee headcount.
- Maintain the salaries and wages of your employees at pre-Covid levels.
- If you cannot re-hire your furloughed or laid-off employees, you must make a good faith effort to rehire them (Ex: extend a written offer and receive a rejection).
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