California Wine Country bank webinar covers new federal help for small businesses hurt by coronavirus shutdowns
Three Exchange Bank officers are presenting an overview of the Small Business Administration’s new economic injury disaster loan program for businesses severely impacted by the COVID-19 lockdown.
Their information was conveyed during two online Cisco Webex online seminars on Wednesday, and one is scheduled for Thursday (register via this link).
The webinar is hosted by Summer Jeffus, vice president and regional business development officer. Other presenters include Tony Uribe, vice president and SBA loans underwriting supervisor, and Joe Smith, senior vice president and manager of the bank's SBA program.
The 45-minute discussion covers a description of the SBA’s new economic-injury and disaster loan program (disasterloan.sba.gov/ela), what businesses are eligible and those who are not, and the three steps needed to apply.
Also outlined in the presentations are what the new loans can and can't be used for and credit and collateral requirements. “(T)he SBA will not decline a loan for lack of collateral but will require borrowers to pledge what is available,” the presenters said.
A four-part eligibility criteria is revealed in the webinar, including location and tangible physical presence factors, primary business and loss activity criteria, the size standard of the firm in its industry and independently owned and operated definitions.
In addition, details on how business property is verified, how loan processing decisions are made — as well as a description of the loan closure and the final document process.
A review of available Exchange Bank resources was also provided.