Emergency Business Loan Options
Updated October 20, 2020, at 1:00 p.m.
These are challenging times and we’re here to help!
Over the past several months, we have been working with our business members, keeping in mind the hardships each faces as they serve in various sectors of the economy. To that end, we have offered payment concessions to existing business or commercial loans where appropriate through conversations with their existing commercial loan officer and worked to process SBA Payroll Protection Program (PPP) loans as quickly as possible.
PPP Loan Repayment
Please note that any businesses that received PPP loans with the first payment due six months from the Note date now have up to 16 months to start making payments. Members with affected loans will receive a letter the week of October 19, 2020.
PPP Loan Forgiveness
Your PPP loan has been funded and you're ready to apply for loan forgiveness. What are the next steps? Review our frequently asked questions below.
When can I apply for loan forgiveness?
Our goal is for this process to be as efficient and seamless as possible for you. To help make sure you only need to provide the necessary information once, we will begin emailing businesses whose loans have been funded with a personalized link to a secure portal once it is available.
- If you received a loan for $50,000 or less, we anticipate that the secure portal will be available sometime in mid-November; you will receive an email with a link to the portal at that time.
- If you received a loan for $50,001 to $149,999, please stay tuned for additional information (we do not have an anticipated date for when the secure portal will become available to you).
- If you received a loan for $150,000 or more, you will receive an email with a link to the secure portal on October 26, 2020.
*Please note that, until further guidance regarding forgiveness requirements has been provided by the SBA, the applications listed on the SBA's website can be used only as a resource for a general idea of what information may be required.
How can I prepare for when loan forgiveness applications will be accepted?
Please refer to the Documentation Checklist for guidance on the information required to apply for loan forgiveness.
It would also be beneficial to keep track of your expenses so you are prepared to provide that information later.
As this process continues to evolve, we greatly appreciate your patience. We will provide updates as information becomes available. For more details about the PPP and other relief programs, visit the SBA website or the state of Florida's disaster loan website.