As the Indianapolis area re-opens with new precautions in place to slow the spread of COVID-19, FORUM recognizes members continue to experience financial strain and uncertainy. FORUM is here for members to help lessen the impact of any potential financial distress by providing individualized solutions to our membership.
Loan Payment Assistance
If you are experiencing financial hardship due to a reduction of income or wish to discuss other assistance regarding your FORUM loans, please call 317.558.6271 so we can address your individual needs. You can also submit a hardship loan payment modification request online.
If you are experiencing financial hardship due to a reduction of income and would like to discuss lending options, please call 317.558.6100.
CARES Act for Small Businesses
With all relief options, please seek advice of your accountant to determine eligibility and which program is best for your business.
In conjunction with The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Small Business Administration (SBA) is offering a Paycheck Protection Program (PPP) loan. FORUM is currently accepting applications from FORUM members who have had a personal or business account open with FORUM since March 31, 2020. For an application to be considered complete it must include documentation that supports the amount of loan you are requesting. FORUM will process completed (containing full documentation) applications in the order received. There is a limited amount of funding available.
Paycheck Protection Program Loan Application - email this application and additional required documentation* using secure email to FORUMCommercialGroup@forumcu.com.
Instructions for Sending a Secure Email to FORUM
- Go to Secure Email Message Center
- Enter your email address registered with Secure Email Message Center and your password. If you have not registered an email address, click the "Register for a new account" link.
- Click the Compose Tab.
Enter the requested information. Send the PPP application and additional required documentation* listed below to FORUMCommercialGroup@forumcu.com. The SBA approval process will likely be very slow due to the extremely high volume of requests. Businesses will be notified as soon as possible on the status of their application.
*Required documentation to be sent with PPP application:
- 2019 borrower company financials
- Detailed payroll reports by employee for 2019 and Q1 2020
- Form 941 for 2019 and 2020
- Expense details for employee benefit programs – health insurance, 401k, etc.
- Brief statement – why current economic uncertainty makes loan necessary to support ongoing operations
Please note that when submitting your application to the SBA, FORUM has stringent due diligence standards that must be adhered to. These loans are not automatically approved.
If you have submitted an application, FORUM's team will communicate progress updates as they become available from the SBA.
Additional Small Business Resources:
View the Small Business Guide and Checklist from the U.S. Chamber of Commerce. The U.S. Senate Committee on Small Business & Entrepreneurship has also created the Small Business Owner's Guide to the CARES Act.
Small Business Administration Injury Disaster Loans
Indiana small businesses can apply for SBA Economic Injury Disaster Loans (EIDL).
- The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
- EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
- The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
- EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower's ability to repay.
- Apply online at SBA.gov/disaster
- Need help? Access these step-by-step online instructions
- Still need help? Call the SBA's Disaster Customer Service Center at 800-659-2955 or email email@example.com. Individuals who are deaf or hard-of-hearing can call 800-877-8339.
Small Business Administration Express Disaster Bridge Loans Now Available
The SBA Express Bridge Loan (EBL) program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Ask your FORUM relationship manager for more details about this option.
Branch Lobbies & Drive-Up Service
FORUM branch locations are now re-opened Monday - Friday in a fully sanitized, volume-controlled capacity. Members should practice social distancing while inside a branch location and entrance will be monitored to preserve member and employee ability to maintain social distancing.
- Lobby access will be by appointment only on Saturdays.
- Drive-Up service will continue to be available on Saturdays from 9 am - noon.
- The Monument Circle location will temporarily remain closed.
Phone and in-person appointments with a FORUM representative may be scheduled for added convenience. Schedule an appointment now! As a financial services provider, FORUM Credit Union has been labeled an essential business since the COVID-19 pandemic started. Our FORUM team has taken great pride in serving you during this time. We continue to follow guidance from our regulatory governmental agencies, including the State of Indiana and their Back on Track Indiana plan. In regards to face masks, we are requiring our employees to either wear a mask or be behind a protective screen when serving you. This requirement supports the emotional and physical well-being of our FORUM team members. Our priority from the beginning of this pandemic has been to keep our FORUM team safe and continue to serve you with the service you expect. Thank you for being a FORUM member.
Mobile & Online Account Access
For members concerned about public interactions, or who may be ill, we remind you that FORUM has a comprehensive mobile app and online banking solution that provide 24/7 access to manage your accounts, make payments, deposit checks and much more. Business account holders also have a variety of options for accessing and managing their accounts online.
Government Issued Stimulus Checks
Government issued stimulus checks to individuals are being deposited as they are received. The quickest way to determine if your stimulus check has been deposited is to check your accounts using FORUM’s online banking or mobile app. You can even set alerts to notify you when a deposit is received. Remember, the IRS will never contact you by phone, text, or email to ask for personal information. Be aware of scams. Visit the IRS resource center for additional information about stimulus checks.
Regulation D Transfer Updates
In accordance with an updated rule from The Federal Reserve Board, effective immediately, FORUM members are able to make an unlimited number of transfers and withdrawals to another account or to a third party by means of a preauthorized, automatic, or Internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order from their savings and money market accounts. This is an update from the long-standing Federal rule that placed a six-per-month limit on the number of allowable transfers from savings and money market accounts. Checking accounts have always had unlimited transfer and withdrawal ability. The Federal Reserve Board made this change to give consumers more immediate access to transfer and withdrawal money from their savings and money market accounts.
Wellness is a Priority
FORUM has a year-round, established wellness program in place for employees that includes the distribution of wellness tips and precautions. During this time of heightened awareness, we have asked employees to eliminate hand-to-hand contact, such as shaking hands, when greeting teammates, members, and guests. Additionally, protective equipment has been provided and installed to ensure employees and members are able to safely practice social distancing.
Dedicated to Helping Members
As a cooperative, FORUM is dedicated to helping our members throughout their daily lives, including during times of unexpected need. FORUM is well prepared to service all of your financial needs now, and in the future, and we thank you for being a FORUM member.