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4/2/2020 | By Team United
Small businesses are the heartbeat of the American economy. According to the Small Business Administration, small businesses account for 44% of the nation’s economic activity. In our local communities, small businesses not only employ friends, family, and neighbors, they also lead through volunteerism, non-profit support, and an enduring spirit of innovation and hometown values. During the uncertain times resulting from the Coronavirus pandemic, two main programs are available to help small businesses through this difficult economic environment: the Payroll Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
The Payroll Protection Program essentially expands the Small Business Administration’s (SBA) loan program to include additional loans and the possibility of loan forgiveness to businesses who are impacted by the Coronavirus pandemic. Loans obtained through the PPP will cover February 15 through June 30, 2020 and can be originated by contacting an SBA-approved lender. The U.S. Chamber of Commerce recently developed a step-by-step Coronavirus Emergency Loans Small Business Guide and Checklist on how to apply for these relief programs, including $350 billion in emergency loans and a payroll tax credit. In addition to the guide and checklist, the U.S. Chamber of Commerce has also created a website dedicated to providing small businesses with daily updates about new resources to assist during the national emergency.
Through the EIDL, a small business may receive an advance of up to $10,000 within three days after their application is submitted. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. If a business receives an EIDL, they may also still be eligible for PPP loans. For detailed information, the SBA has provided a website dedicated to the Coronavirus pandemic.
In addition to being an award-winning, SBA-approved lender, United Federal Credit Union’s Commercial Loan Officers are available to work with our current Business Members to discuss their options and additional resources—including regional and local options. United also provides additional financial relief options and convenient banking options that can help during the pandemic. In March, United announced that Business Members would be able to utilize the skip-a-payment option on Business Credit Card accounts, and have Commercial Loan Officers available to work one-on-one with Business Members to consult them on options that work best for their situation. To help making banking easy while also practicing recommended social distancing guidelines from the Centers for Disease Control, United offers Online and Mobile Banking, in-branch visits by appointment, Business Remote Check Deposit, and Drive-Thru/ATM services. If you would like to speak with a United Commercial Loan Officer in your area, we’d be happy to walk you through the options available to you and your business.