Financial Help is Here
We’re Ready to Support You During the Challenges of COVID-19
Coronavirus has impacted our community in unexpected ways, some positive as we’ve come together to mitigate COVID-19, and some very challenging. Many people are experiencing some form or financial disruption and necessary expenses are becoming harder or impossible to meet. That’s why we’re continuing to make our community’s financial wellness our top priority. When you need help navigating the financial challenges of these extraordinary times, we’re here to help you stay on your feet.
Here is some additional information that may help you understand and improve your financial position during the COVID-19 crisis.
Relief for Small Business, SBA Loan Information
⇒ Paycheck Protection Program (PPP)
As of May 4th, 2021, all government PPP funds have been exhausted and we can no longer accept or process PPP applications.
PPP loans are federally-guaranteed and are forgivable when uses for approved purposes. One must apply for debt forgiveness in order to receive forgiveness of this loan.
As dictated by the CARES Act and the Economic Aid Act, the SBA is here to help small business owners and is wholly committed to upholding and stimulating our country's economy.
In order for PPP loans to be fully forgiven, 60% of the loan proceeds must be spent on payroll related expenses.
PPP Loan Forgiveness
If you have previously applied for a PPP loan with University Federal Credit Union, you may apply for government forgiveness here. You will need your PPP loan amount, email address, and business EIN number to access the application.
We are currently processing forgiveness applications for PPP loans received in 2020 and 2021. Please call 801-481-8845 or email PPPForgiveness@ucreditu.com with any questions.
UFCU Financial Assistance Resources
Skip-a-Pay Payment Deferment Options
As many members in our community contend with the financial disruptions of COVID-19, we want to remind you that Skip-a-Pay is available for qualifying members. This service enables you to defer a payment to the end of your loan and maintain some of your funds for necessities or emergencies. For many, this can be a huge relief; if you’re having trouble making payments or you need help meeting other financial necessities in your life, Skip-a-Pay can help.
You can apply for Skip-a-Pay online or contact us at 801-481-8800 for more information on how we can help you during financial crisis.
If you're ready to take advantage of dropping rates, you can also apply for loans online. To access an online loan application, click any of the following links: Auto or RV, Personal, Rewards Visa Credit Card, Overdraft LOC, Business Auto, Business RV, Business Credit Card, Business Overdraft LOC, Business Equipment. You may also call 801-481-8800 for more information about available loan options or to apply with a representative.
For Real Estate, call 801-481-8827
For all other Commercial loans, call 801-481-8800
Financial Education and Planning Resources
When challenges strike, we want to help you stay in control of your financial life. If you need financial counseling or additional help with your financial situation, please contact us at 801-481-8800.
For those looking for additional financial planning resources, we also offer free Banzai Financial Education for each of our members. This online tool can help ensure you have the tools you need to make the best financial decisions.
Here are some helpful Banzai courses to help you navigate COVID-19 risks while remaining financially secure.
- Creating a Budget
- Building an Emergency Fund
- Financial Planning Around Illness
- What to Do if You're Out of Work
- Government Assistance
- Teaching Your Kids About Money
Remember, we are always here for you and, together, we can overcome COVID-19. If you need financial assistance, please call 801-481-8800 or visit a branch near you.