During the continually evolving COVID-19 situation, we are sharing with lenders the most current SBA resources available to their business customers.
SBA Economic Injury Disaster Loans
The SBA has now made small business owners in all U.S. states and territories eligible to apply for low-interest Economic Injury Disaster Loans due to Coronavirus (COVID-19). Funding is provided directly through the SBA, and lender assistance is not needed. All impacted businesses may apply online.
SBA Loan Deferments
New this week: The SBA has automatically deferred existing SBA disaster loans through Dec. 31, 2020 for businesses owners who are still paying back loans from previous disasters.
Businesses with existing SBA 7(a) loans are also eligible for payment deferrals. These are not automatic, but can be granted unilaterally by the lender one time during the life of the loan. Deferment can mean either principal only, or principal and interest.
Watching Further Action by Congress
VITAL is monitoring action by Congress that may result in significant changes to and expansion of SBA loan programs. We will continue to share information as it becomes available.
State-Level Resources
States are putting together their own business resource centers and some are offering additional forms of relief for local business owners. Following are places where VITAL’s Midwest banks can find state-specific information.
Iowa
Illinois
Kansas
Minnesota
Missouri
Nebraska
South Dakota
Wisconsin
SBA Economic Injury Disaster Loans
The SBA has now made small business owners in all U.S. states and territories eligible to apply for low-interest Economic Injury Disaster Loans due to Coronavirus (COVID-19). Funding is provided directly through the SBA, and lender assistance is not needed. All impacted businesses may apply online.
SBA Loan Deferments
New this week: The SBA has automatically deferred existing SBA disaster loans through Dec. 31, 2020 for businesses owners who are still paying back loans from previous disasters.
Businesses with existing SBA 7(a) loans are also eligible for payment deferrals. These are not automatic, but can be granted unilaterally by the lender one time during the life of the loan. Deferment can mean either principal only, or principal and interest.
Watching Further Action by Congress
VITAL is monitoring action by Congress that may result in significant changes to and expansion of SBA loan programs. We will continue to share information as it becomes available.
State-Level Resources
States are putting together their own business resource centers and some are offering additional forms of relief for local business owners. Following are places where VITAL’s Midwest banks can find state-specific information.
Iowa
Illinois
Kansas
Minnesota
Missouri
Nebraska
South Dakota
Wisconsin
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