Serving Businesses During COVID-19
We’ll Take Care Of Your Business
Goldenwest Credit Union is helping small businesses impacted by the COVID-19 pandemic.
As a SBA preferred lender, Goldenwest is providing economic relief to businesses experiencing temporary losses of revenue during COVID-19. Since the CARES Act was signed in to law on March 27, 2020, Goldenwest has processed just under $100 million in SBA Paycheck Protection Program (PPP) Loans.
Please note that the SBA is not guaranteeing that every PPP Loan application will be approved and/or funded. Due to limited funds, we encourage you to apply as soon as possible.
SBA Paycheck Protection Program (PPP) Loan
Goldenwest is a SBA Preferred Lender serving local small businesses through the Paycheck Protection Program available with the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
To apply for a SBA Paycheck Protection Program Loan, download the Payment Protection Program Loan Application. Send the completed application and required documentation via email to COVID19relief@gwcu.org.
What you need to know about the PPP Program:
PPP Loan funds can be used for:
- Salaries and payroll costs – including benefits.
- Rent, under lease agreements, in force before February 15, 2020.
- Interest on mortgages, incurred before February 15, 2020.
- Utilities payments, for which service began before February 15, 2020.
- Insurance premiums.
Key terms and conditions:
- Borrow 2.5 times your average monthly payroll, up to $10 million. Payroll costs are defined as salaries; wages; commissions; tips; vacation pay; parental, family, medical or sick leave; severance; health care benefits; retirement benefits; and, state/local taxes. Salary, wages, commissions, and tips are capped at $100,000 annualized per employee.
- Terms up to two years with no prepayment penalties or fees.
- Maximum rate of 1.00% Annual Percentage Rate (APR) fixed.
- All payments deferred for 6 months. Interest will accrue during the 6-month deferment.
- Small businesses with less than 500 employees (including all full-time, part-time, and any other status of employee).
- For-profit businesses, 501c3 not-for-profit organizations, and 501 c19 Veterans organizations.
- Individuals who operate as a sole proprietor or independent contractor.
- Individuals who are self-employed in a trade or business.
In an effort to serve our local communities, Goldenwest will only accept PPP applications from Utah-based businesses. Additionally, we will accept applications from our current business members regardless of their location.
- Completed and signed application
- Signed “Borrower Certification Addendum”
- Payroll processor records
- Payroll tax filing (form 941s)
- Form 1099-MISC
- W-3 Transmittal Summary
- Income and Expenses from a Sole Proprietorship
*If you do not have any of the above documentation, provide other such documentation such as bank records sufficient to demonstrate qualifying payroll amount.
Send the completed application and required documentation via email to COVID19relief@gwcu.org.
SBA Economic Injury Disaster Loan (EIDL)
The SBA is offering financial assistance in the form of Economic Injury Disaster Loans (EIDL) to small businesses and private, nonprofit organizations to help overcome the temporary loss of revenues during the COVID-19 pandemic. The SBA’s EIDL provides up to $2 million of assistance to individual businesses, with loan advances of up to $10,000.
EIDLs may be used to pay fixed debts, payroll, accounts payable, and other bills. The Annual Percentage Rate (APR) for small businesses is 3.75%. Non-profit organizations will pay 2.75% APR.
Businesses can apply for EIDL loan directly through the SBA.
Disaster Loan Assistance
If you currently have a Goldenwest business loan, we are available to provide you with modification options during the COVID-19 economic slowdown. To request assistance, download the COVID-19 Disaster Loan Assistance Form. Send the completed form via email to COVID19Relief@gwcu.org, and include the following information in your email:
- Income Statement and Balance Sheet (most recent);
- Bank Statement (most recent);
- Personal Financial Statement;
- A letter outlining how your business has been impacted by the COVID-19 virus outbreak, and the anticipated positive outcome that a loan modification program will have on sustaining your business operations.