Learn about our Relief Programs for Businesses below.
What is the Paycheck Protection Program?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $349 billion in an initial round of funding to the Paycheck Protection Program (PPP).
The PPP, which launched the first week of April, helps small businesses keep workers employed amid the COVID-19 Pandemic by providing 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The initial $349 billion in funds were exhausted on April 16. Fortunately, a second round of funding has been authorized, providing more than $320 billion in additional program funds.
Apply for a PPP loan
We’ve partnered with Kabbage* to connect you with Paycheck Protection Program (PPP) loans. We expect this second round of funding to be exhausted quickly, so we encourage you to act fast! You are not required to have an existing relationship with MountainOne to apply.
Please note: There is no guarantee that a third round of funding will be granted by Congress for this program, nor is there a guarantee that applications will be processed and submitted before the second round of program funding is exhausted. The Kabbage program will accept applications through June 30, 2020 or until funds are exhausted, with loans available for 2.5 times your average monthly payroll for 2019, up to $10 million. There’s no collateral or personal guarantee.
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. Please contact your MountainOne lender directly to discuss your need and to determine whether you are eligible for a temporary deferral of loan payments.
Learn about other COVID-19 Funding Programs available through the SBA
Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.
Click here to read a summary of the CARES Act.
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.
Economic Injury Disaster Loan (EIDL) Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. You can learn more or apply via the Small Business Association website.
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
As part of SBA's debt relief efforts, the SBA will automatically pay the principal, interest, and fees of 7(a), 504, and microloans issued prior to September 27, 2020 for a period of six months.
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 December 31, 2020.
We know these are stressful times and the myriad relief options and requirements can be confusing. We are here to help. Please contact your MountainOne lender directly with any questions, or call us at 855-444-6861 Monday – Friday from 8am-6pm or Saturday from 9am-12pm.