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:

 

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 texting us 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.

SBA Paycheck Protection Loan Program (PPP)


Update: Additional funding for the Paycheck Protection Program may be available soon. Please fill out the form below and we will contact you with information on how to complete the application process so we can approve your request when funds become available.

The recently past C.A.R.E.S. Act established a new SBA loan program to provide financial relief to small businesses. Cyprus Credit Union will be participating in the program and processing PPP loan requests for existing members of the credit union. The PPP loan program can provide businesses with less than 500 employees with a loan equal to 2.5 times their average monthly payroll. Sole proprietors and private non-profits are also eligible to apply.

SBA PPP loans may receive forgiveness for the amounts equal to payroll, utility, and rent or mortgage interest expenditures made during the 8-week period after the loan is granted. Any remaining balance will be due within two years, with a first payment deferment for 6 months. The interest on the remaining balance will not exceed an Annual Percentage Rate established by the SBA, interest will accrue during the deferment period.

 

If you have submitted an application already, we will be in contact with you. For updates on the SBA Payroll Protection Program loan through Cyprus please complete this form and a Business Advisor will contact you. 


Home Banking

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

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