Emergency Financial Relief
Sunmark knows we are stronger together and we will work with each individual member to meet their needs in this trying time.
Below are temporary relief options offered by Sunmark due to the crisis. You may qualify if you are experiencing financial distress or have had a hardship due to the COVID-19 pandemic. If you would like to speak to a member of our team about your situation and to apply for financial relief, please contact the Member Solution Center at 866-SUNMARK. We appreciate your patience as wait times may be longer than usual.
During this trying time, we have temporarily increased the savings transfer/withdrawal limit from 6 to 12 transactions per month.
Do I qualify?
If you have lost your job or seen a decrease in income due to the COVID-19 pandemic, Sunmark would like to work with you regarding your individual needs and financial distress. We know every situation is different; please call us at 866-SUNMARK to discuss on how to apply for financial relief.
Mortgage Payment Deferment
New York State has instituted a 90-Day Mortgage Relief Program to all homeowners who qualify in the state. Mortgage payments would be delayed for three months for those that meet the requirements.
To speak to someone regarding your mortgage payments:
- First mortgages: please call Midwest Loan Services at 1-800-262-6574 or visit their borrower website. If your mortgage is serviced by another company other than Midwest, please reach out to them directly.
- Second mortgages (home equity loans or HomeFlex lines of credit): please call Sunmark directly at 866-SUNMARK.
Skip a Payment
To help you stretch your budget, Sunmark is pleased to offer qualified members the option to skip an installment loan payment on eligible auto and personal loans. Complete the secure form to get started! Or print the form here. For questions or to see if you qualify, call 866-SUNMARK.
Consumer Loans and Credit Cards
If you are affected by this crisis, Sunmark is offering temporary deferment on consumer loan and credit card payments. Sunmark will also refund any late payment fees on a Sunmark credit card during this time for those in need. For more information and to see if you qualify due to financial hardship, please call us at 866-SUNMARK to apply.
Do I qualify?
We know every situation is different; please call our business team to discuss on how to apply for financial relief.
Mortgage Payment Deferment
Due to COVID-19 business property holders may qualify for mortgage relief. Mortgage payments would be deferred for three months for business members that meet the requirements. For more information on how to apply for financial relief, please contact a member of our team.
Business Loans and Credit Cards
If you are affected by this crisis, Sunmark is offering temporary deferment on business loan and credit card payments. Sunmark will also refund late payment fees on a Sunmark business credit card during this time for those in need. For more information and to see if you, please call our Business Services team.
Sunmark will be participating in the PPP Phase 3/Second Draw program, which will be launching soon. We will release the details of this program shortly. View the preliminary regulations now:
Call 866-SUNMARK for more information on PPP, or visit this page for more information.
Meanwhile, the SBA is offering Economic Injury Disaster Loans (EIDL) directly via the SBA website. Currently, there are two (2) available programs, with more expected in the future.
- Low interest, long term Economic Injury Disaster Loans (EIDL) for up to $2 million: The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online at www.sba.gov/disaster.
- Economic Injury Disaster “Loan Advance” for up to $10,000: the form to apply is part of the EIDL economic injury disaster loan application. If approved, these funds can be used for payroll and other operating expenses and will be forgiven.
Automatic Loan Modifications
The Automatic Loan Modifications, listed below, apply to your PPP Loan immediately without the need to amend the Paycheck Protection Program Note (“PPP Note”) or any other documents which you have previously delivered to Lender:
(i) Loan Forgiveness Covered Period. Extension of the “loan forgiveness covered period” from the 8-week period beginning on the date of loan disbursement to the period commencing on date of loan disbursement and ending on the earlier of (a) the date that is 24 weeks after loan disbursement, or (b) December 31, 2020 (the “Forgiveness Covered Period”). However, please note that if your PPP loan was made before June 5, 2020, you may nonetheless elect to have your Forgiveness Covered Period be the eight-week period beginning on the date of loan disbursement.
(ii) Payment Deferral Period. Extension of payment deferral period from six months after the date of loan disbursement to the earlier of (A) if you submit a loan forgiveness application to Lender within 10 months after the end of the Forgiveness Covered Period, the date identified by Lender when Lender communicates to you that either Lender has received remittance from the SBA of any/all of the loan forgiveness amount or that no loan forgiveness is allowed, or (B) if you do not submit a loan forgiveness application to Lender within 10 months after the end of the Forgiveness Covered Period, the date which falls 10 months after the end of the Forgiveness Covered Period (said earlier date, the “First Payment Date”).
You can now submit your application for forgiveness on your Paycheck Protection Program (PPP) loan by visiting our secure portal at https://sunmarkcu.forgivesmb.com/. Our process is secure, easy to navigate and will walk you through the application process. You can also refer to the Borrower PPP Forgiveness Platform Guide for step by step instructions. If you need any further assistance while completing your application, please contact Borrower Support at firstname.lastname@example.org.
As a result of the June 5, 2020 Paycheck Protection Program Flexibility Act amendment, borrowers are now automatically extended an additional 16 weeks to their initial covered period of 8 weeks, for a total of 24 weeks. The terms of your Agreement shall be modified accordingly. In the event you choose to maintain the original coverage period of 8 weeks and intend to apply for forgiveness at that time, and not have the covered period automatically extended, please notify our institution at your earliest convenience. For additional details regarding PPP loan requirements and forgiveness, please visit the SBA’s Paycheck Protection Program page.
Should you have any questions or concerns, or would like more information please contact:
Carie Sala, Business Relationship Manager
Richard Bonnet, Business Relationship Manager
AVP, Business Services
Business Loan Officer
Business Loan Officer