At GECU, we put the people helping people philosophy at the core of everything that we do and we recognize that small businesses are the heartbeat of our economy. During these trying times, we are here to help by offering our business account members the Small Business Paycheck Protection Program to help businesses keep their workforce employed.
The SBA Paycheck Protection Program is a loan that will help our business members that have been affected by the coronavirus (COVID-19) and need payroll, mortgage interest expense, rent and/or utility assistance. If the business member is eligible for the program …
- Loan payments will be deferred for six months
- If the business maintains the workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll and certain other expenses following loan origination
To be eligible for the program the business member must …
- Have been a GECU business member prior to February 15, 2020
- Complete the Small Business Paycheck Protection Program loan application with the required documentation (payroll) by June 30, 2020
- Have 500 employees or less
- Have not been a recipient of this loan prior to this request
If you are a current GECU business member, please apply as soon as possible as the funds will be distributed on a first-come, first-served basis. Loan application approval and processing will be subject to federal government funding availability.
Click here to download a checklist of everything that you will need to apply. For questions about the application process, eligibility requirements and more, click here. If you’ve collected all of the required documentation and are ready to get started, click here to fill out the application!
If you have any questions, please call the GECU Small Business Relief line at 915.774.1889 to speak to a GECU representative today.
CHECK APPLICATION STATUS
If you’ve recently been approved for a loan through the SBA Payroll Protection Program, please carefully read this important notice regarding loan forgiveness. Click here.
*All loans are subject to eligibility and approval. Other conditions apply. Principal business must be located in El Paso County, Hudspeth County or Doña Ana County, not more than 25 miles from our Helen of Troy and Resler location, to be eligible for membership at GECU. Learn more about how you can join. Click here.