SBA COVID-19 Loan Relief

The Coronavirus Aid, Relief, and Economic Security (CARES) Act established and modified various SBA loan programs that provide small businesses relief. These programs include the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), & Emergency Economic Injury Grants, and Small Business Debt Relief Program.

Coronavirus Relief Funding for Small Businesses 

The U.S. Small Business Administration (SBA) recently received additional funds appropriated by Congress for the Paycheck Protection Program (PPP).  We anticipate the demand will exceed available funding and we are working diligently to process as many applications as possible; however, we cannot guarantee all applications submitted will receive approval. For additional information or to apply, please contact us at (605) 718-1818 then select the option for a “new business loan”. You may also email an individual Business Lender at the links below or email the group at BusinessLenders@bhfcu.net.
 

Paycheck Protection Program (PPP)

Update 5-14-2020: There is still money available from the SBA and we are still helping business members obtain PPP loans.
Provides 100% federally guaranteed loans to small businesses. You must have been in operation prior to February 15, 2020 and had employees who you paid salaries to and payroll taxes for, or paid an independent contractor. Loan amounts can be up to 2.5 times your average monthly payroll costs, not to exceed $10 million. The loan must be used to retain workers, maintain payroll or make mortgage, lease or utilities payments. Loan forgiveness may be available to you, and cannot exceed the principal. The U.S. Chamber of Commerce has created an easy to navigate guide to help you understand if your business would benefit from the Paycheck Protection Program (PPP). Coronavirus emergency loans guide and checklist 
 

Economic Injury Disaster Loan (EIDL)

  • A low interest loan that provides up to $2 million.
  • Available to pay expenses that may have been met had the pandemic not occurred, including payroll and other operating expenses.
  • For either, the EIDL or grant please apply here.

Emergency Economic Injury Grant

  • If funds are needed immediately, grants can provide up to $10,000 of funding within three days of submitting the loan application.
  • For either, the EIDL or grant please apply here.

Small Business Debt Relief Program

  • Provides immediate relief to small businesses with non-disaster SBA loans.
  • SBA will cover loan payments of principal, interest, and fees, for six months.
Learn more about SBA Debt Relief Programs at https://www.sba.gov/.
 

South Dakota Business Lenders

Gregg Wolff
Gregg Wolff
Senior Business Lender
Spearfish
605.858.6461
Michael Murdy
Michael Murdy
Business Lender
Greater Sioux Falls Area
605.937.4518
Todd Eddy
Todd Eddy
Senior Business Lender
Rapid City
605.858.6163
Simon Chen
Simon Chen
Business Lender
Rapid City
605.858.6080
Debra Niemi
Debra Niemi
Business Loan Officer
Rapid City
605.858.6167
Saul Schick
Saul Schick
Business Lending Manager
Rapid City
605.858.6419
Term Platinum APR
760 and over
Premier Plus APR
720-759
Premier APR
680-719
Standard APR
640-679
Value APR
600-639
Rebuilder APR
599 and under
Not Applicable 9.90% 10.15% 11.15% 12.15% 15.15% 17.90%

You've spent countless hours building your business. Make sure you protect it appropriately.


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