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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) – Loan Forgiveness

Updated: 08/10/2020

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.

At this time, you may have seen that the SBA and Treasury have published two versions of the application (a short form 3508-EZ and a standard 3508-long form). It is anticipated that 90% of all applicants will qualify to use the 3508-EZ form. You can download the instructions for these two forms below:

SBA Form 3508 (Long Form)

SBA Form 3508-EZ (Short Form)

In late June, the SBA and Treasury amended the covered period for use of proceeds from 8 to 24 weeks from the date of your loan funding, allowing borrowers more time to utilize funds and apply for forgiveness, and therefore if you have not utilized your funds within the initial 8 week period, you have some extra time.

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 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.

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).

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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