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Loan program options due to COVID-19

Union Bank and Trust wants to find ways to help out clients throught the current stress of the COVID-19 situation that is unfolding in our country, state and communites. Here are the programs that are in the process of rolling out that might be able to help some of our customers. As other options become available we will share them with you also.
 
The U.S. Small Business Administration (SBA) announced that small businesses are now eligible to receive Economic Impact Disaster Loans from the SBA in all 50 states and the U.S. territories. A “small business” also can include small agricultural cooperatives and most private nonprofit organizations.
 
These loans are available to provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. This includes payment of expenses such as payroll, lease payments, vendor payments, and other bills.
 
 
Here are 5 things you need to know about the SBA loans:
  1. The maximum loan amount is $2 million.
  2. Applications are made directly with the SBA. https://disasterloan.sba.gov/apply-for-disaster-loan/index.html
  3. Terms can be up to 30 years.
  4. Loans $25,000 or less will have no collateral requirement.
  5. The loan application deadline date will be December 21, 2020.
 
 
Also, as of Monday, March 23, 2020, the Minnesota Department of Employment and Economic Development (DEED) created an emergency loan program for Minnesota’s small business owners impacted by the state’s closures due to COVID-19. A total of $30 million has been made available through the emergency program.
 
The loan funds are intended to support small business owners who need immediate assistance to meet their families’ basic needs.
 
 
Here are 5 things you need to know about the emergency MN DEED loans:
  1. Loan amounts will be between $2,500 and $35,000.
  2. The loans will have a 0% interest rate.
  3. Up to 50% of the MN DEED loan may be forgivable.
  4. Loans will be made through existing DEED lenders across Minnesota.https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
  5. Applicants must supply historical financial information for the business and some applications will require a personal financial statement for each owner who holds at least a 20% interest in the business.
 
 
CARES Act
  • Just signed into law on Friday 27 March 2020.
  • This includes the Paycheck Protection Program (PPP) Loans, Small Business Debt Relief Program, Economic Injury Disaster Loans and Emergency Economic Injury Grants, Counseling and Training, supports for those contracting with the government, and small business tax provisions
the U.S. Senate Committee on Small Businesses and Entrepreneurship has
an excellent explaination of the Act’s provisions for small businesses https://cdn.ymaws.com/www.nadco.org/resource/resmgr/2020/smallbuscom_caresactexplaine.pdf
  • Since the SBA is still in the rule making process with these loans the bank is not able to take an appliction wet on the PPP loans but is working with our SBA lending partner H&M to develop a pre-appliction checklist.
 
We will hare any updates on this as soon as they are available.
 
 
 
At Union Bank and Trust we are here to help our customers however we can. Please reach out to one of our bankers and let us know what we can do to help.
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