SBA COVID-19 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 PPPRound3@bhfcu.net.
 

Paycheck Protection Program (PPP)

Update 1-12-2021: We are only accepting new PPP Loan Applications from BHFCU business members.  If you do not currently have a business membership, you will need to open one prior to submitting your PPP Loan Application.  All PPP Loan Applications will be processed in the order they are received.
To apply, click the button below to be directed to our application provider, which will also help to verify your eligibility.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.
 

Key PPP updates include:

  • 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, direct 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. 

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • 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.
Learn more about SBA Relief Programs at https://www.sba.gov/.


New PPP Loan Application

PPP Loan Forgiveness Application

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
Luke DeGeest
Luke DeGeest
Business Lender
Rapid City
605.858.6496
Debra Niemi
Debra Niemi
Business Loan Officer
Rapid City
605.858.6167
Saul Schick
Saul Schick
Business Lending Manager
Rapid City
605.858.6419
Breann Greer
Breann Greer
Business Lender
Sioux Falls
605.858.6308
Brad Curtis
Brad Curtis
Senior Business Lender
Rapid City
605.858.6194
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%

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