Learn about our Relief Programs for Businesses below.
MountainOne’s COVID-19 Commercial Loan Payment Deferral Program
COVID-19 is a global crisis that has an economic impact across every industry. We understand these are unprecedented times, and are here to support you as you explore your options for financial relief. Please contact your MountainOne lender directly to discuss your financial needs.
Learn about other COVID-19 Funding Programs available through the SBA
The economic disruption of the Coronavirus (COVID-19) outbreak continues to negatively impact small businesses in every community across the country. In March 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. Since then, an additional $900 billion in COVID relief legislation was signed into law in December 2020.
Please see below for current programs available to small businesses as a result of these efforts:
Payroll Protection Program (PPP) Loans
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:
- PPP First Draw Loans: First-time program participants can apply for a PPP loan as soon as Friday, January 15, 2021. (Actual date to be determined.)
- PPP Second Draw Loans: Qualifying businesses who have previously received a PPP loan may apply for a second round of funding as soon as Friday, January 15, 2021. (Actual date to be determined.)
- PPP Loan Forgiveness: Borrowers may qualify for full loan forgiveness if during the 8 to 24 week covered period following loan disbursement employee and compensation levels are maintained, the loan proceeds are spent on payroll costs and other eligible expenses, and at least 60 percent of the proceeds are spent on payroll costs.
We encourage you to visit the SBA website to learn more about Payroll Protection Program (PPP) loans. You can also email our team at email@example.com or to contact your MountainOne lender to discuss your eligibility for a PPP loan.
Economic Injury Disaster Loans (EIDL)
This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
SBA Express Bridge Loans
This loan enables small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Additional SBA Debt Relief & Payment Deferments
The SBA will automatically pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance.
For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through March, 31, 2021.
We know these are stressful times and the myriad relief options and requirements can be confusing. We are here to help! Please email our team at firstname.lastname@example.org or contact your MountainOne lender directly with any questions. You can also call our Customer Care Center at 855-444-6861 Monday – Friday from 8am-6pm or Saturday from 9am-12pm.