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 5-4-2021: PPP funding has been depleted and BHFCU is no longer accepting PPP Applications.
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/.
South Dakota Business Lenders
760 and over
|Premier Plus APR
599 and under
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