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). 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 a CARES Act program.
Give us a call today.
Cape Girardeau, Jackson, and Scott City
Perryville, Marble Hill, Poplar Bluff, Caruthersville and Steele
The CARES Act Relief for Small Businesses
The CARES Act brings much needed relief to small businesses. There are two loan programs that can be of particular help to your business.
Paycheck Protection Program
UPDATE: The Paycheck Protection Program closed Aug. 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.
The Paycheck Protection Program (PPP) allocates funds to provide 100% federally guaranteed loans to small businesses. Funds can be used for payroll costs, interest on mortgage payments, rent, and utilities for businesses that maintain payroll.
Under this program, loan payments are deferred until the date on which the amount of loan forgiveness is remitted to the lender. Also, a portion of the loan proceeds used to cover the first 24 weeks of payroll may be forgiven when certain conditions are met.
Learn more about PPP loans at the US Treasury website or give us a call today.
The Paycheck Protection Program Flexibility Act brought some changes to PPP loan forgiveness. See the US Tresury and SBA joint press release for key changes. It's important that PPP loans be used for eligible purposes in order to receive loan forgiveness. If you are a PPP borrower, you can also see highlights about loan forgivenss at our PPP Loan Resource Center.
Relief for 7(a) SBA Loans
This is another big win for small businesses. The CARES Act authorizes $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.
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.
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.
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. Now, the scope of the program focuses only on U.S. agricultural businesses who meet certain criteria.
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.