COVID-19 Financial relief programs


Understanding that our members may be adversely impacted by an interruption of income or other circumstances, we are offering special options to help members who are experiencing challenges due to this crisis.

SEFCU logo being air-dropped

Consumer Loan Relief

  • Waiver of all early withdrawal penalties on Share Certificates.
    While Share Certificates may be surrendered at any time, penalties may be assessed if withdrawn prior to maturity. Under SEFCU’s Relief Program, SEFCU’s early withdrawal penalty will be waived for the duration of the pandemic in the United States. Additional IRS penalties and tax implications may apply on early withdrawals from a Traditional and/or Roth IRA. Call our special Relief Hotline at 518-464-5350.
  • Establishment of a skip-a-pay program on certain loan programs.
    • Vehicle loans, RV and Sportscraft loans, Personal loans, Personal lines of credit, Share and Certificate secured loans (except interest only variations of these loans), Home Equity loans and lines of credit (except interest only variations of these loans), Student loans, both tuition and consolidation (except interest only variations of these loans).
    • This program excludes credit cards and mortgages.
    • To be eligible for this program, you cannot be 30 days or more past due on any SEFCU loan.
    • To request a skip-a-pay for your eligible loan(s), complete this Skip-A-Pay form and we will reach out to you the next business day to complete the process.  
    • For additional information and frequently asked questions, click here.
  • Reduced-rate personal loan.
  • Payment Protection
    • If you elected Credit Life and/or Disability Insurance on your SEFCU loan, underwritten by CMFG Life Insurance Company, and are experiencing a protected life event (loss of life or disability) due to COVID-19, please contact SEFCU to file a claim or discuss what benefits may be available under the policy coverage.
  • Coin Sorter Fees Temporarily Waived
    • So members can have full access to their funds, SEFCU has temporarily waived the 4% fee of the counted total that was previously assessed. 
  • For all other banking needs, or to request consideration for any other fees or charges caused by a COVID-19 Financial Hardship, please call 800-727-3328.

Mortgage Relief

Commercial Loan Relief

  • Main Street Loans
    The federal government has announced three separate loan programs, ranging from $250,000 to $35 million, for businesses negatively impacted by COVID-19. Please note that these programs cannot be utilized if your business accepted any CARES Act 2020 funds, except for the SBA’s Paycheck Protection Program. Businesses may only apply for one of the three loans.

    Important Highlights:
    • Businesses must be in existence since March 13, 2020 and have fewer than 15,000 employees and less than $5 billion in annual revenue.
    • The loans have five-year terms and are fully amortizing.
    • Principal is deferred for two years and interest is deferred for one year.
    • The loan must be collateralized and cannot be used to refinance existing debt.

      For more information, visit Main Street Lending.

      To apply, email [email protected] or call 518-451-2890.
  • Small Business Administration’s Paycheck Protection Program (PPP): LAST UPDATED - August 7, 2020
    If you have received your PPP funds, please note that the SBA has yet to finalize its guidelines for forgiveness and provide revised rules and regulations. Once final guidance has been published, your loan officer will contact you. We are in the final stages of developing a streamlined approach for you to apply for loan forgiveness.
  • Commercial Business Member Relief Loan
    Loan amounts of $5,000 -$50,000 are available to existing SEFCU commercial loan members who are experiencing hardship due to the coronavirus pandemic, with a total loan term up to 66 months. The first six months will be interest only, after that the loan will convert to principal and interest payments up to 60 months. There will be an expedited underwriting process and expedited funding…with no SEFCU fees (legal, lien filing, and other fees may apply). The rate will be Prime minus 50 bps, with a floor of 3%. Apply today by calling 518-464-5322 or emailing [email protected]
  • Economic Injury Disaster Loans and Emergency Economic Injury Grants
    You may also qualify for an additional loan, including a grant of up to $10,000 from the Small Business Administration. Visit for more information and to apply directly.


COVID-19 Relief: Skip-A-Pay FAQs


Q: What does Skip-A-Pay do to my loan?
A: This option will allow you to “skip” up to three months’ worth of payments during your time of need and have them added to the end of your loan term.

Q: Will I be penalized for using this relief option?
A: No, there will be no impact to your credit score or repayment history by choosing to use Skip-A-Pay.

Q: How do I know if my loan is eligible for Skip-A-Pay?
A: There are three categories of eligibility to qualify for this option.
(1)    Loan type: All loan types except SEFCU Credit Cards, Mortgages, and interest-only loans are included in this option. Other loan types may be available in the future, so please bookmark this page for future reference.
(2)    Loan status: A loan must not be more than 29 days past due in order to process this request. If you are 30 days or more past due, please contact our Loss Mitigation team by calling 800-727-3328, then press option 4 for further assistance.
(3)    Length of membership: You must be a SEFCU member for three months or more to take advantage of this option.

Q: How long is this Skip-A-Pay option being offered?
A: This option will be available for our members until further notice and may continue to evolve as we receive additional direction from state and federal authorities.

Q: What if my loan type is not eligible, or I do not qualify, but I still need relief?
A: SEFCU has several relief options available that may help you. Please visit this page to see more. If those options do not offer the type of relief you need, please continue to monitor this page and your email for SEFCU communications about new relief options.

Q: How do I apply for Skip-A-Pay?
A: You may apply by logging into your account online (by mobile device or desktop) and starting a live chat with a SEFCU representative or contact us at 518-464-5350. Please be aware that we are experiencing high call volume at this time and are working hard to assist each member as quickly as possible.

Q: How do I request assistance on my mortgage?
A: Please visit this page to submit a request to our Mortgage Servicing team and someone will be in contact with you as soon as possible.

Q: How do I cancel the automatic payment to my loan if I choose to skip a payment?
A: For automatic payments that were set up with SEFCU, we will assist you in cancelling those. If you have a payment set up by another financial institution, you must contact them to cancel your payment.

Q: Can I skip payments on more than one loan?
A: Yes, eligible members may request to skip payments on any eligible loan types.

Q: How long does it take for my Skip-A-Pay request to be processed?
A: All requests will be reviewed within 72 hours of receipt.

Q: Is there a fee associated with the Skip-A-Pay option?
A: No, this option is being offered to our members at no cost.

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**Annual Percentage Rate. Rate listed assumes credit worthiness. Other rates and terms may apply. Monthly loan payment example: a $5,000 loan at 4.49% for 60 months, with no additional payment protection, would be $93.37. Rates accurate as of today September 18, 2020 and subject to change without notice. Published rate is for new SEFCU loans.