Two very significant pieces of legislation have passed in Congress and were signed by President Trump to help businesses and families during the Coronavirus (COVID-19) pandemic. The Families First Coronavirus Response Act was enacted on March 18, and responds to the growing health and economic crises with provisions for paid sick leave, paid family leave, free testing and expanded unemployment benefits. This afternoon, the Coronavirus Aid, Relief and Economic Security (CARES) Act passed the House of Representatives by a voice vote and the President then signed the bill into law. The bill builds upon earlier versions of the CARES Act and is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout.
The Small Business Administration has piloted an Express Bridge Loan Pilot Program allowing small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. 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 loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
You may find an Express Bridge Loan Lender via SBA’s Lender Match Tool.
List of Lenders Participating in SBA Loans:
Associated Bank Providing personalized assistance to customers who have been financially impacted by coronavirus, including suspending fees on a range of loan and deposit products up to 90 days; payment deferrals for up to 90 days on consumer, mortgage and small business loans; temporary payment relief assistance and fee waivers for consumer and small business credit cards; and suspending foreclosure activity on homes and new repossession activities for 60 days.
Bank of America Working to identify and assist affected clients and provide the right support to address their unique personal needs. Offering assistance to qualifying consumer and small business clients facing hardships, including deferred payments and forbearance with certain fees.
BBVA Offering customers who have been financially impacted by coronavirus assistance including deferred and extension payments on existing consumer and small business loans and credit cards; waived and refunded ATM fees; penalty-free CD withdrawals for CDs opened prior to March 1; fixed rate small business loans of up to $50,000 with first payment not due until 90 days after opening; consumers and small businesses may request refunds of overdraft fees; small businesses may request waivers of service charge fees on deposit accounts; and special assistance and rates for advances on existing home equity lines of credit.
BMO Financial Providing personalized relief program to customers who have been financially impacted by coronavirus, including fee reversals on deposit accounts, waiving penalties for early CD withdrawal, and payment forbearance and deferral options for personal and small business loans as well as credit cards.
Citibank Will offer assistance to affected customers in the U.S. through a range of measures, including fee waivers for Citibank customers, hardship programs and additional small business support, such as extended banker availability. Small Business: Fee waivers on monthly service fees and remote deposit capture; waived penalties for early CD withdrawal.
Citizens Bank For small business customers in need, the bank is helping provide relief in areas such as payment terms, late fees, and SBA disaster assistance for business owners in a number of states. In addition to these measures, the bank is working closely with state and federal agencies to ensure that new programs and resources are made available quickly and efficiently.
Customers Bank Reaching out to small business clients to make them aware of the SBA’s emergency program, traditional SBA financing options, and other financial assistance options being offered by the bank, including lines of credit. Committed to provide $200 million in new small business lending to qualifying companies.
Fifth Third Bank Committed 8.75 million to help address the effects of the COVID-19 pandemic, including $3.25 million for COVID-19 response needs in the regions served by Fifth Third Bank and $5.5 million in Strengthening our Communities Fund grants to support the long-term sustainability of the economy. This includes funding to support small businesses, affordable housing and homeownership, and economic development.
First Financial Bank Developed multiple programs offering consumers and small business customers loan and credit card relief, including deferred payments, fee waivers and financial guidance.
Golden Pacific Bank Helping small business customers apply for emergency programs, such as the SBA Disaster Relief lending program and the State of California I-Bank disaster loan program as well as other local lending and grant programs.
Huntington Bank Offering personalized assistance to aid customers suffering virus-related financial hardships, including consumer and small business deferral programs, facilitating small business eligibility for SBA Economic Injury Disaster loans, waiving late frees for both consumers and business through the end of March, and temporarily suspending new foreclosure and vehicle repossession actions.
JPMorgan Chase $8 million to assist small businesses vulnerable to significant economic hardships in the U.S., China and Europe.
Live Oak Bank Reaching out to individual and business customers to learn the impacts to their business and working with them on an individual basis to determine if deferrals, SBA disaster assistance or other programs are available.
Primary Bank Providing personalized assistance to customers who have been financially impacted by coronavirus, including helping small businesses that need increases in their lines of credit, drawing on existing lines, or new loans to help them keep their businesses afloat.
Truist Offering relief measures, allowing greater access to capital for borrowers and empowering staff to support clients affected by the COVID-19 pandemic. The relief measures include payment relief assistance for clients on consumer loans, personal credit cards, business credit cards and business loans
U.S. Bank Announced a $30 million commitment to support immediate and long-term COVID-19 relief efforts in communities around the country, including $4 million in the next two weeks to national organizations focused on small business recovery and crisis relief.
WaFd Bank Immediately offering small business lines of credit up to $200,000, interest-free for 90 days, to businesses affected by COVID-19.
Webster Bank Providing personalized assistance to customers who have been financially impacted by coronavirus, including increased debit card limits; waived penalties for early CD withdrawals up to $25K; increased individual remote deposit limits; options for payment deferrals on mortgages, home equity or personal loans, and small business loans, based on need; expedited SBA application process for qualified businesses impacted by the pandemic; and a 90-day foreclosure moratorium on residential loans.
Click here for government resources with the latest information to consider.
We will continue to update you as we get more information on Coronavirus legislation and guidance that may impact you. If you have more questions contact an MCB Advisor at 703-218-3600 or click here.
Subscribe to the MCB Blog and get all new MCB blog posts sent directly to your inbox.