Business Relief Options

CARES Act

We are now accepting applications for the new round of PPP lending. Please see below for details.

On December 27, 2020 new legislation was signed into law that includes $284 billion in new funds for the Paycheck Protection Program. WECU will participate in this second round of PPP.

On January 8, 2021 the SBA announced the Paycheck Protection Program will restart on Monday, January 11 ONLY for community development institutions, minority depository institutions, certified development companies and microlender intermediaries. Lenders with under $1B in assets may offer PPP loans beginning on Friday, January 15.
The program will open to all lenders, including WECU on Tuesday, January 19.

Paycheck Protection Program 1st Draw Loan

This product is to be used ONLY if you are applying for your FIRST Paycheck Protection Program loan. If you already have a Paycheck Protection loan and want to apply for a second, please use the Paycheck Protection Program 2nd Draw Loan. If you are looking to increase an existing Paycheck Protection Program first draw loan as allowed under the Economic Aid Act, please reach out to your loan officer directly.

Click here to apply for a 1st Draw Paycheck Protection Program Loan. Please use these instructions and helpful tips when applying.

Paycheck Protection Program 2nd Draw Loan

This product is to be used ONLY if you are applying for a SECOND Paycheck Protection Program loan. If you DO NOT have a Paycheck Protection Program loan and want to apply, please use the Paycheck Protection Program 1st Draw Loan. If you are looking to increase an existing Paycheck Protection Program first draw loan allowed under the Economic Aid Act, please reach out to your loan officer directly.

*The 2nd Draw loan application requires you to enter your SBA loan number. If you do not know your SBA loan number and you received your first draw PPP loan through WECU, please enter WECU into the SBA loan number field. If you received your first draw PPP loan through another institution, you will need to have your SBA loan number available when applying.

Click here to apply for a 2nd Draw Paycheck Protection Program Loan. Please use these instructions and helpful tips when applying.

WECU will only process applications through our digital platform, which will allow for faster processing and direct access to the SBA’s systems via an integration.

The Act also provides for a simplified PPP Forgiveness form for loans up to $150,000. We are actively working to incorporate the new simplified process into our online portal. Borrowers will still be required to maintain their documentation (Payroll four years, other expenses three years).

PPP Forgiveness

As we work to incorporate the new simplified forgiveness process into our online portal, we are temporarily pausing our forgiveness efforts. We hope to have the forgiveness solution back up and running soon. Once it’s available you will receive an email from us with a link to apply. The link will also be made available within your Dashboard and here on WECU.com.

We understand loan forgiveness for your recent PPP loan is important to your business. We will continue to monitor changes in legislation regarding PPP loan forgiveness. Additional revisions may delay the process.

In preparation for applying for forgiveness, please review the documentation requirements and instructions on the SBA Website. You may also review our PPP Borrower Source Reference Guide.

Here are some helpful tips to review before starting your application.

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.