Like you, we are closely monitoring the COVID-19 pandemic, and have put systems in place that are keeping our team members safe as they continue to work through this worldwide crisis. And, while the situation continues to evolve and change daily, one thing remains the same—we are all in this together.
Continued Operations & Services
Our teams continue to provide customers the support they need on existing loans. We also continue to take new inquiries, review deals, and close loans.
Reach out With Questions
We’re available! Call your First Bank SBA rep to discuss any questions you may have. If you don’t already work with someone at First Bank SBA and have questions, please visit our SBA Experts page.
Stay Safe Online Too
There have been multiple reports of emails being initiated by bad actors using the coronavirus as subject matter for phishing attacks and scams. Be sure not to give out personal information like your account number, online banking ID, SSN, or credit or debit card details in reply to any call, text, or email that you may receive.
We hope that you continue to stay safe and healthy. Here are some links to websites that provide Coronavirus information:
News & Updates
First Bank SBA is a preferred U.S. SBA lender, with nationwide capabilities, lending in all states. To connect with a First Bank SBA lending expert in your area, see our SBA Experts page.
The Federal government as well as the U.S. Small Business Administration is currently offering business owners financial recovery options. On Friday, March 27th, the President signed into law the CARES Act, which contains $376 billion of dedicated relief for workers and small businesses. Please visit the links outlined below to learn more about each program.
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
$10K EIDL Loan Advance
The U.S. SBA offers an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
SBA Express Bridge Loans
These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct EIDL.
SBA Debt Relief
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
In addition to the CARES Act recovery loan, the government offers Economic Injury Disaster Loans (EIDLs), provided by the U.S. Small Business Administration. EIDLs are low-interest disaster loans up to $2 million for businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA EIDLs can be used to help meet working capital needs or normal business operating expenses through the recovery period. This loan program is different and separate from the CARES ACT program.
You can apply for EIDLs directly through the U.S. SBA, using the links below.
For more information on Disaster Assistance or to apply for a Disaster Loan with the SBA, visit: www.sba.gov/disaster
For information on other funding programs offered through the U.S. SBA, visit: https://www.sba.gov/funding-programs