Previous PPP Updates
May 24, 2020
New applications for the PPP are temporarily on hold while we process those previously submitted.
Velocity has temporarily suspended accepting new applications as we continue to process those already submitted from members.
With the recent announcement of additional funding available for the SBA Paycheck Protection Program (PPP), Velocity will resume processing the applications that we received prior to the shutdown of the SBA program on April 16. We are not yet accepting new applications.
Please be patient as we work through the existing applications in the pipeline. If you have already submitted an application and have not yet heard back from us, we will contact you soon with an update.
April 7, 2020
Velocity Credit Union’s processing of Paycheck Protection Program (PPP) loans through the Small Business Administration (SBA)
Velocity Credit Union is participating in the PPP loan program and is assisting our business members with their PPP applications and loans. At this time we are accepting PPP applications (Ed. 5/14/20 – not at this time) but with the understanding that additional documentation and processing may be needed before business owners can finalize loans and receive funds. We are moving as quickly as possible to understand the process and initiate these important loan requests.
As a member-owned financial cooperative, Velocity focuses on providing services to its members and membership in the Credit Union is required before loans can be granted.
We apologize for the confusion that many of you have experienced in attempting to apply for a PPP loan. This situation evolved too quickly for Velocity Credit Union and other financial institutions to have adequate time to institute procedures, especially at a time when our lobbies are closed and the workplace itself is severely disrupted by the crisis. We thank you for your patience as we work through this difficult time.