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Relief for Businesses Impacted by Coronavirus

At The Bank of Missouri, we are committed to the success of local businesses as they navigate the coronavirus situation. That's why we're helping businesses take advantage of the options available through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act). Our nationally-recognized, award-winning SBA team is ready to help your business with a Paycheck Protection Program (PPP) loan.

Call The Bank of Missouri for Small Business Assistance

We have a dedicated team ready to assist you, whether you're looking for relief on your current Bank of Missouri loan or are looking to make use of an SBA program.

Give us a call today.

Southwest Missouri

1-417-569-1355

Central Missouri

1-573-874-6444

Southeast Missouri

Cape Girardeau, Jackson, and Scott City
1-573-339-9876

Perryville, Marble Hill, Poplar Bluff, Caruthersville and Steele
1-573-768-7557


The Paycheck Protection Program (PPP)

The Paycheck Protection Program was introduced as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) authorizes additional funding for PPP as well as bringing reform to current PPP.

UPDATE: The Paycheck Protection Program has reopened. The Bank of Missouri is now accepting applications from first-time PPP borrowers and existing PPP borrowers for second draw loans. Applications will be submitted electronically and your lender will provide an application link. Reach out to your existing lender or use the phone numbers above to contact a lender in your area. 

SBA recently announced guidance on these PPP updates:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

First Draw Loans

SBA has reopened the Paycheck Protection Program for First Draw Loans. These funds can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Who Can Apply for a First Draw Loan

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

How to Obtain Full Forgiveness

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Learn more about First Draw Loans from the SBA >>

Second Draw Loans

The Paycheck Protection Program now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Who Can Apply for a Second Draw Loan

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

How to Obtain Full Forgiveness

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Learn more about Second Draw Loans from SBA >>

Learn more about PPP loans at the SBA website or give us a call today.


Relief for 7(a) SBA Loans

The CARES Act authorized $17 billion in relief for existing and new 7(a) SBA loans. Under this program, The SBA will pay the principal and interest on current 7(a) loans for a period of six months. Additionally, the SBA will pay the principal and interest on new 7(a) loans issued prior to September 27, 2020.

The Economic Aid Act includes modifications to the 7(a) program with increased guarantees on SBA 7(a) loans and reduced fees on 7(a) and 504 loans. The Bank of Missouri is awaiting more guidance on these updates.

How The Bank of Missouri can help

As an SBA Preferred Lender, The Bank of Missouri is ready to help businesses apply for Paycheck Protection Loans and 7(a) SBA loans. We're also working with our customers for loan relief on existing SBA loans.


Economic Injury Disaster Loans and Loan Advance

This relief program was announced ahead of the CARES Act. Initially the program allowed eligible businesses to apply for an advance of up to $10,000, which did not have to be repaid. Then, the scope of the program focused only on U.S. agricultural businesses who meet certain criteria.

The Economic Act authorizes $20 billion through the end of 2021. The maximum grant is equal to $10,000.

Learn more about Economy Injury Disaster Loans >>

How The Bank of Missouri can help

As an SBA Preferred Lender, the SBA allows The Bank of Missouri to make lending decisions on their behalf. However, the Economic Injury Disaster Loan program works a little differently. You would need to apply directly through the SBA. Still, our team is available to answer any questions you have and help you evaluate your loan options so you can choose what's best for your business.


The Bank of Missouri Relief Options

We have a variety of loan assistance options for existing Bank of Missouri loans. This may include interest-only payments or payment deferrals. In addition to relief on existing loans, we’re available for businesses who need new loans at this time.

Other solutions are available on an individualized basis. Your business is unique and your needs are unique during this unprecedented time. Let's have a conversation. We are committed to our local businesses, and we're here to help. Reach out to your banker or give us a call at the numbers listed above.

 
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