SBA Relief Programs

With the struggles, small businesses are facing right now, it's important to know that there IS financial help out there for small business owners. This Lake of the Ozarks bank is here to give you some information on the SBA relief programs available in this week's blog. If you have any questions, please reach out to our bank in Osage Beach. First Bank of the Lake can be reached at (573) 348-2265.

SBA Relief Programs

The US government just passed the $2 trillion stimulus package delivering a massive infusion of financial aid for businesses and households. Of note is the Paycheck Protection Program (PPP), which provides forgivable loans for small businesses that maintain their payroll during this emergency. This $350 billion program will offer loans of 2.5 times an employer’s average monthly payroll, up to $10 million.

We would encourage small businesses to apply for this program, particularly to cover payroll and building expenses, as those loans would essentially become grants as long as payroll is maintained. 

How does this compare with other relief programs? This grid provides a quick comparison of three programs we believe can provide essential financial relief for businesses and workers:

• The SBA Economic Injury Disaster Loan (EIDL) program, offering low-interest loans of up to $2 million to help businesses affected by COVID-19
• Emergency EIDL Grants, which would provide businesses that apply for an EIDL loan up to $10,000 in quick access capital

Many businesses will be able to utilize some combination, or all three programs, depending on the use of proceeds.  We will continue to update this grid as guidelines change and new information becomes available.

We are increasingly encouraged by the relief packages going directly to help small businesses cover their bills, pay employees, and keep the doors open during this tumultuous time. Because our experienced lending team has spent their careers in this space, we have the expertise and resources available to keep up-to-date with the latest lending options and tailor solutions you need to run your business – so you can continue to do what you do best. We’re here for you!

Ready to get started?

Please don’t hesitate to reach out to us if we can assist you as you navigate the small business relief program just passed by the US government. Our streamlined process, empowered bankers and smart, responsive solutions mean that you have a financial partner you can count on. You’ll have the support of a nationwide preferred lender with an experienced underwriting and closing team.

Contact us today and find out what it is like to work with a lender who puts you first.

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Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

(573) 348-2265