Small Business PPP Updates & Consumer COVID Information

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. ​

 

Small Business PPP Updates

The next round of SBA PPP loans is open for FORUM members.   All communication will be shared using our online portal. The online portal will also contain instructions on the forgiveness process. 

  • Begin your PPP application here.  For a second draw PPP loan request, you must have your SBA PPP loan number (which differs from the lenders loan number) and the original amount from your first lender.  When you log into the application system, you will need a unique email for the borrower and you will set up a password.  For our second draw borrowers, this is a different system from the existing Forgiveness portal.
  • For first time PPP applications, please review instructions provided by the SBA on how the PPP loan amount is calculated by our entity type, along with what documentation is required to be submitted on the following link:  How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type
  • For second draw PPP members, SBA has published information on the Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide, we recommend fully reading this document to meet your particular situation.  If you received you first PPP through another institution, you must also upload the original supporting material provided to that lender, as FORUM will need to keep on record. 


Please note that all of our resources are for general information purposes only and are not intended to be relied upon as legal, accounting, tax or other professional advice. The resources are based upon the Paycheck Protection Program (PPP) details that are frequently evolving and subject to change. For the most up-to-date guidance, please consult the U.S. Small Business Administration (SBA), Department of the Treasury , and/or your own legal and tax advisors prior to taking any action. Please refer to your advisors for specific advice.
 

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 disastercustomerservice@sba.gov.  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.

 

Consumer Loan Payment Assistance 

If you are an individual (not a small business) 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

 

Consumer Loan Options

If you are an individual (not a small business) experiencing financial hardship due to a reduction of income and would like to discuss lending options, please call 317.558.6100

Branch Lobbies & Drive-Up Service

FORUM branch locations are open 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. 

Phone and in-person appointments with a FORUM representative may be scheduled for added convenience.  Schedule an appointmennow!  As a financial services provider, FORUM Credit Union has been labeled an essential business since the COVID-19 pandemic started.  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 require our employees to wear a mask when serving you.  This requirement supports the emotional and physical well-being of our FORUM team members.   

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. 

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