PPP Application is Now Open!
Scroll down for more information on how to apply for PPP.
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.
Apply for PPP
Applications are now open for the new draw of PPP funding. If you have previously applied for PPP with University Federal credit Union, click here to apply. If you have not previously applied for PPP or if you applied for your first draw loan with a different institution, click here to apply for a first or second draw loan.
Applications will be accepted from both new and existing PPP borrowers. If you are a new PPP borrower and you don't already have an account with University Federal Credit Union, you will also need to apply for an account with UFCU.
» If you received your first PPP loan through UFCU: apply for ppp here
» If you have not yet applied for a PPP loan or if you received your first draw PPP loan from a different financial institution: apply for ppp here
Relief for Small Business, SBA Loan Information
⇒ Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) has recently been added as an SBA loan program to help small businesses retain employees during and following the COVID-19 crisis. The Paycheck Protection Program provides up to $10 million from a first draw loan and up to $2 million in a second draw loan. These 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.
2021 Government Stimulus and PPP
As of December 27, 2020, a new stimulus bill has been signed into law. In addition to a second direct payment for those who qualify, the legislation has allotted $285 billion more to the Paycheck Protection Program (PPP). This means, more forgivable loans will become available to help support businesses.
At this time, the Small Business Association (SBA) is updating guidelines for the program and applications are not yet being processed. UFCU will inform all members when applications become available.
⇒ Notable Second Draw Guidelines
Guidelines for the second draw PPP loans state that you must show a revenue reduction of at least 25% from one quarter in 2019 to the same quarter in 2020, or show a revenue reduction of at least 25% from the full 2020 year to the full 2019 year to qualify.
Documentation needed to prove the 25% reduction in revenue includes financial statements, tax returns or bank statements for the corresponding quarter or year. If you are a sole-proprietor, you can provide a draft 2020 Schedule C or 1065/1120S.
In order for PPP loans to be fully forgiven, 60% of the loan proceeds must be spent on payroll related expenses.
If you did not apply for a first draw PPP loan, those loans are made available under the legislation passed. Your business must have been in existence as of February 15, 2020 to qualify.
If you previously applied for PPP with another institution, University Federal Credit Union can still process applications for additional PPP funds. Our application process for all applicants is simple and automated. To complete your second draw application, you will need your first draw PPP SBA number. This may be found on the documentation signed with your lender or you may need to ask your lender to provide it to you.
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. Please call 801-481-8845 or email PPPForgiveness@ucreditu.com with any questions.
2020 Government Stimulus
⇒ Economic Impact Payment (EIP)
To help assuage financial disruption in the country, the federal government has approved a stimulus package. Distribution of stimulus money, known as Economic Impact Payments (EIP), will likely require no action on your part. The IRS will calculate and disperse Economic Impact Payments based on tax returns filed in 2019 or 2018. For more information on how funds will be delivered, you can see official updates here: IRS Economic Impact Payments. You may also find additional information regarding the IRS’s response to COVID-19 here: Coronavirus Tax Relief
How to Receive EIP Electronically
If you have previously received electronic tax returns from the federal government, your EIP will automatically deposit into your account. No additional steps are required.
If you have not had a tax filing obligation in the past, did not file taxes in 2018 or 2019 or if you do not receive SSA/RRB/SSDI benefits, you can enter your electronic payment information here. It is a safe, government resource for non-filers to enter payment information on order to receive Economic Impact Payments electronically.
You may find additional information from the IRS about non-filers and Economic Impact Payments here: Non-Filers: Enter Payment Info Here, or you may safely enter your payment information online by clicking the below button.
Tax Filing Extension
In response to challenges presented by the COVID-19 crisis, the IRS has extended the deadline for individuals and businesses to file their 2019 taxes. The extended filing deadline is July 15, 2020. If you need assistance filing your taxes, the IRS has many resources available with up-to-date tax filing tips.
As you prepare your taxes or research your economic impact payments, remember to never share your personal or financial data with unverified sources. Times of economic strife are, unfortunately, opportunities for fraud. For more information on fraud behaviors, protection or reporting, you can see our Fraud Protection resource here: Fraud Awareness
IRA Contribution Extension
Like the deadline to file 2019 taxes, the 2019 IRA contributions deadline has also been extended to July 15, 2020. Additionally, the IRS is waiving the requirement on Required Minimum Distributions (RMD) for the year 2020. If you have an IRA and you wish to have your current RMD payment election changed, please contact us for a Payment Election Change Form.
As we have restricted lobby access in response to COVID-19 mitigation regulations, we encourage you to make your IRA contributions or payment election changes by calling our member service center at 801-481-8800.Transactions can be completed by phone and DocuSign or by scheduling an appointment to visit a branch.
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.