We're here for you.
While you assess the effects of the COVID-19 pandemic on your business, we want you to know that you're not alone.
STCU is here to help, and resources are available.
The COVID-19 pandemic has upset global financial markets, supply chains, and employment, raising questions about the future economic outlook . The best thing we can do is focus on what we can control.
Stay in contact with your STCU business banker, and please ask for help at any time. Your business is unique and we're ready to work with you on customized solutions for your needs.
Looking for personal resources? Visit our coronavirus personal resources page.
Financial relief.
The new CARES Act, the coronavirus relief bill recently passed by Congress, offers several programs — including the Paycheck Protection Program (PPP) loan and the Economic Injury Disaster loan (EIDL) — to ease the economic impact of the COVID-19 crisis on your business.* Compare EIDL and PPP (PDF).
Paycheck Protection Program (PPP).
The PPP is designed to keep your workers on the payroll. The loan amount is based on your historical payroll and may be forgivable. 60% of the loan should be used to meet payroll and up to 40% may be used for most mortgage interest, rent, and utility costs over the covered period after the loan is made.
Learn more about PPP: STCU FAQ (PDF) | U.S. Treasury FAQ (PDF)
Note: PPP applications are no longer being accepted.
Economic Injury Disaster Loan (EIDL).
The EIDL aims to help businesses overcome lost revenue. Starting June 15, the SBA is accepting applications from all eligible businesses. Learn more at sba.gov.
Additional resources.
- Calculate your PPP loan amount (Save or download. Consult your CPA on your calculations.)
- Be ready to apply for forgiveness.
- Guidance for business & employers at sba.gov.
- Business and worker resources from Washington State.
- Business recovery resources from Greater Spokane Incorporated.
- Open Together – Small Business and Non-Profit grants from GSI.
- Community Advantage Recovery Loan from MoFi.
- Benton County CARES Act Community Support Grant Program.
- Franklin County CARES Act Community Support Grant Program.
- Rebound Cash Grants for Idaho small businesses
- CDA Small Business Relief Fund for CDA businesses
- Webinars from the Small Business Development Center on business resiliency plans.
- Unemployment benefit chart (PDF) for different COVID-19 scenarios from the State of Washington Employment Security Department.
- Idaho Dept. of Labor COVID-19 page, with unemployment information, FAQs, and more.
Contact us.
Please contact your STCU business banker. They'll be happy to help answer questions you may have. You can reach the Commercial and Business team by:
- Calling (877) 304-7185.
- Visiting our team page.
Disclosures
*All loans subject to approval.