Business Relief Options

CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently approved by the Federal Government. As of April 24, Congress has approved the addition of $310 billion to the SBA Paycheck Protection Program (PPP).

PPP Applications

We are no longer accepting new PPP applications as the SBA’s application deadline is June 30, 2020.

PPP Forgiveness

On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. It addresses changes to PPP Forgiveness under the CARES Act. Learn more. We are waiting for the final guidance to determine next steps, but in the meantime please review the U.S. Chamber of Commerce guide to loan forgiveness to better understand the requirements. Please note: paper applications will not be accepted.

We are currently finalizing a solution to accept electronic forgiveness applications. When the application is ready, we will email instructions to business members and include a link on our website. Please wait until you receive these instructions before making a forgiveness request.

0% APR² Savings Secured LOC

12 month term line of credit, no monthly payment required, balance due at maturity.

Loan amount up to $100,000.

Deferred-Payment
Line of Credit

2 year term line of credit, monthly interest-only payments, no loan origination fee.³

Loan amount up to $50,000.

¹ Existing WECU Business Loans only. Loans must be current and at least 180 days old.
² APR = Annual Percentage Rate. 0% APR line of credit must be secured against a WECU Business Savings account.
³ Deferred-payments line of credit is a revolving line of credit with 2 year term. Balance due at maturity. Requires a WECU Business Checking account with Monthly Auto-Pay.
Members applying for assistance may be asked to provide proof that they are affected by COVID-19.