Business Services Assistance

Cyprus is here to help you and your business during the current COVID-19 situation. We know that many of our members have business accounts with us and may need financial assistance. Below are some solutions available during this time:

SBA Paycheck Protection Loan Program (PPP)

PPP Second Draw
Cyprus is again offering SBA PPP loans again to our members eligible for a first or second time PPP loan. Businesses in operation prior to February 15, 2020 who have been impacted by the pandemic will be able to apply. To qualify for a second draw loan, a business will have to demonstrate their revenues have been reduced by at least 25% in 2020 as compared to 2019 levels. Businesses in the hospitality and restaurant industry will also be eligible for an increased amount for their second draw loan. Additional details on the program and eligibility requirements are available here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Start your SBA Paycheck Protection Program (PPP) Application Today

We are now accepting applications for eligible first and second time SBA PPP Borrowers. Our streamlined application process will allow you to complete necessary paperwork and upload required documents online.

If you obtained a first round PPP loan from Cyprus, check your email for a link to apply for a second draw PPP loan. If you did not obtain a first round PPP loan from Cyprus, click here to start a new application. New applicants will click “Sign Up” to start an application. After starting an application you can continue working on a previously started application, by logging in with your Email and Password.

APPLY NOW

For step by step instructions on how to complete the PPP application and additional resources click here.

SBA Paycheck Protection Loan Program (PPP) - Loan Forgiveness

If you received a PPP loan from Cyprus in 2020 you can apply for forgiveness now. You should have received an email with a link inviting you to start the application process. Contact us using the form below if you have not received that email. For instructions on how to complete the forgiveness process for your PPP loan from Cyprus click here.

 

 

 SBA Disaster Assistance Loans (EIDL)

Update: Additional funding for this program may be available. Please visit the SBA website for the latest status and to submit applications. 

The United States Small Business Administration (SBA) is now offering disaster assistance loans for businesses and nonprofits that have been adversely impacted by the coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program can provide businesses with loans of up to $2 million, with loan advances up to $10,000. Loan funds are intended to help businesses manage the temporary loss in income caused by the current crisis. Businesses seeking to apply for an SBA Disaster Assistance Loan can do so directly through the SBA. For more information and to apply online click here.

Local Resources

The State of Utah has gathered many helpful resources for local businesses all in one place. This page is updated daily and includes current health orders, employee assistance, and government loan programs. You can access that information by clicking here. 

Cyprus Business Advisors

If you have a business loan with Cyprus and need assistance, you can contact our Business Services Team directly by emailing businessservices@cypruscu.com, calling 801-260-7600 and dialing extension 5280, or text us.

Call us at 801-260-7600 ext. 5270 or Email us at BusinessServices@cypruscu.com

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The products and services on this page are offered through LPL Financial or its affiliates by Registered Representatives of LPL Financial. These products and services are not credit union deposits, not credit union guaranteed, not insured by NCUA or any other government agency, and may lose value. Cyprus Credit Union is a separate entity and is not affiliated with LPL Financial.
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