AUBURN HILLS — Genisys Credit Union is helping to provide financial relief to local, small businesses impacted by COVID-19.
Genisys has focused on the Small Business Administration (SBA)’s recently launched Paycheck Protection Program (PPP), which provides loans to small businesses, independent contractors and others to cover critical business expenses. The key to the program is the loan will be forgiven if used for allocated percentages on payroll (75 percent), interest on business debt obligations, rent, and / or utilities.
“We are proactively working with our business members to help them navigate application processes and help them through their ongoing challenges,” said Jackie Buchanan, CEO & President of Genisys Credit Union. “It is important to ensure that Genisys is able to provide our community small businesses the guidance and support they need during these unprecedented times as ‘community’ is at the heart of everything we do.”
“Genisys truly fulfilled the business purpose and tagline, ‘Where you come first!’,” said Prasad Gullapalli, Founder & CEO of Srinergy. “We have been waiting for more than 3 weeks with our current bank and with Genisys it took less than 2 days from start to finish. Thank you to the entire behind the scene team at Genisys that is helping small businesses like ours in these hard times.”
Through the Payroll Protection Loan Program, Genisys has helped provide relief to several hundred small businesses in their communities and helped to save thousands of paychecks of employees of these businesses. Several of the industries that have been helped include restaurants, landscaping, childcare facilities, heating & cooling, plumbers, construction, churches, and architects. — G.G.