COVID-19 Business Resources

Coronavirus Aid, Relief and Economic Security Act (CARES Act):

On Friday, March 27, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) in response to the COVID-19 virus was signed into law. There are several key provisions that benefit small businesses and nonprofit agencies, which include the Paycheck Protection Program (PPP) and the SBA Economic Injury Disaster Loan Program (EIDL). United Fidelity Bank supports the implementation of the Cares Act and is here to help you understand your options and assist you through the application process.

Paycheck Protection Program (PPP):

The Paycheck Protection Program has started accepting new applications for both first-time and second-time borrowers.

First-Time Borrowers

Small Businesses with fewer than 500 employees, nonprofits, independent contractors, and self-employed individuals are generally eligible for a first time PPP loan to help pay for payroll costs, pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, and other approved costs. The maximum first-time loan is $10 million.

Second-Time Borrowers

A second loan can be used to cover the same costs as a first-time loan. A borrower is generally eligible for a second PPP loan if the borrower:

  • Previously received a first PPP loan and will or has used the full loan amount only for authorized uses before the second loan is disbursed;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

The maximum second-time loan is $2 million.

Second-time loan applicants can apply using their existing login information.

For more information regarding the SBA’s Paycheck Protection Program visit the Paycheck Protection Program (sba.gov) webpage.

SBA Economic Injury Disaster Loan Program (EIDL):

The U.S. Small Business Administration (SBA) offers disaster assistance for businesses impacted by COVID-19 virus. United Fidelity Bank is certified by the SBA and is here to assist you with your EIDL loan needs. If your EIDL loan application is approved, you will receive a $10,000 advance within 3 days of your application approval. The SBA Economic Injury Disaster Loan Program (EIDL) is processed by the SBA Office of Disaster Assistance and is a different type of loan than the CARES Act PPP program. The following link provides more information about this program:

The EIDL Program is administered and funded solely through the SBA.  If you have additional questions or need assistance please contact your local SBA office.

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Resources:

Please continue to visit our website for additional updates surrounding COVID-19.