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 CommercialLoanOfficers@tdecu.org.
Small Business Paycheck Protection Program (PPP)
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.
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
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
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).