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


Relief Options for members

  • Mortgage Relief Options
    Please see below for how we can help you.  Please call 518-451-2879 if you need assistance.
  • 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    While Share Certificates may be surrendered at any time, penalties may be assessed if withdrawn prior to maturity.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 (including Auto Advantage), 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)
    • The 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.
  • Free Express Delivery of Credit Card, Debit Card or Checks.
  • Reduced-rate personal loan.
  • For all other banking needs, please call 800-727-3328

Relief Options for Commercial Business Members

  • Small Business Administration’s Paycheck Protection Program (PPP)
    Below is background information and instructions on how to apply for the PPP through SEFCU. As you may have seen in the media, the sheer number of requests for these funds has created delays in SBA approval and extended response times accordingly. There is a backlog nationwide and a possibility that funding for the program will be exhausted. A second round of funding is being discussed in Washington currently. While we cannot control the SBA’s ability to process your application, we will work with you, doing everything in our power to submit your application in a timely fashion.

    What is the Paycheck Protection Program? 
  • A 100% SBA-guaranteed loan from SEFCU that may be eligible to be forgiven and requires no other collateral or personal guarantee 
  • Intended to cover costs related to payroll expenses, continuation of group healthcare benefits, lease payments, mortgage interest payments, utility payments, and interest on other pre-existing debt 
  • Loan is fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels

    Who is eligible? 
  • Small businesses and non-profits (fewer than 500 employees) that maintained payroll during the COVID-19 pandemic 
  • Businesses open since February 15, 2020 
  • Businesses that have not applied for nor received a Paycheck Protection Program loan from another lender

    What Loan Amount Can I Qualify For? 
  • Loan amount is the lesser of $10,000,000 OR 2.5 times the total average monthly payroll costs incurred in the year prior to origination date 
  • Any amount not forgiven is converted to a term loan not to exceed two years at 1% APR. Monthly payments are deferred for six months

    How do I apply?
  • Review the Paycheck Protection Program Checklist to confirm you have all the paperwork required for SEFCU to process your loan and submit to the SBA, minus the application and payroll worksheet which we will send to you.
  • Complete this Paycheck Protection Program form to let us know you want to apply for this program through SEFCU. A representative will contact you with the additional forms noted in the above bullet.
  • Commercial Business Member Relief Loan
    Loan amounts of $5,000 -$50,000 are available to SEFCU commercial business 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. 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 April 9, 2020 and subject to change without notice. Published rate is for new SEFCU loans.