April 16, 2020
Our purpose is to power businesses in our community, and we are steadfast in our commitment to provide support for the significant needs of businesses impacted by COVID-19.
EXISTING SBA BORROWERS INFORMATION
As of March 26th, 2020 the SBA has approved adjustments to their existing programs as detailed below:
- Existing SBA Disaster Loans – If you have an existing SBA Disaster Loan, the SBA announced that payments can be automatically deferred through December 31, 2020 without prior approval from the SBA. For more information, view the SBA’s announcement.
- Existing SBA Section 504 Loans – If you have a current SBA Section 504 loan as a second lien, the second lien payment may be deferred with approval by the Community Development Corporation (CDC) that provided the original loan. Please contact the CDC directly to request a deferment.
Regardless of which type of relief you choose, consider the following as you apply for assistance and loans:
- If you file joint tax returns, you will need to provide a joint personal financial statement. Both parties will need to sign and date the form.
- Have your tax returns, financial statements, and forms ready by signing and dating the first pages.
- It is important to note that these programs do not provide funds immediately. In the current environment, it is estimated to take 4 to 6 weeks from application for processing, approval and initial funding. We recommend making arrangements with landlords, vendors and other suppliers for additional relief.
We encourage you to reach out to our SBA team or your relationship manager with any questions.