Loan program options due to COVID-19
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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:
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:
CARES Act
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
We will hare any updates on this as soon as they are available.
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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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