Business

COVID-19: Business Loan Relief

COVID-19: Resources for Your Business

Photo of Alicia Wallace 

We have developed several programs to assist customers during this time.


Business Loan Payment Deferral Program*
  • Defer loan payments for up to 120 days
  • Interest only payment options
Business Credit Card Payment Assistance*
  • Interest only payment options
 
 

Let us help. Contact us.

 
 
*Restrictions may apply


Paycheck Protection Program

 
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide emergency relief for small- to medium-sized businesses disrupted by COVID-19. The Act created the Paycheck Protection Program (PPP) which allows financial institutions to provide federally-backed, forgivable loans to eligible businesses.


 
 
 
 Image of Chris Delatore helping a customer
 
Please note that the SBA has been issuing new guidance and clarifications to financial institutions on a frequent basis, and this information is subject to change.
Program Overview:
 
  • The Paycheck Protection Program (PPP) is a federal loan program that helps small and medium sized businesses impacted by COVID-19 to retain their workforce. The program provides businesses with funds to cover payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
  • The maximum loan size is up to 2.5 times the average monthly payroll costs over the prior 12 months. The maximum loan amount is $10 million.
  • The loan amounts may be forgiven. The amount of forgiveness is calculated as the sum of amounts paid in the eight weeks following loan origination for a) payroll, b) mortgage interest, c) rent and d) utilities.  
 
Who Can Apply?
 
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries. Find out if you qualify as a small business here.
 
When Can I Apply?
 
CSB is still accepting PPP loan applications from eligible businesses. The current deadline to apply is June 30, 2020. 
 
How Can I Apply for Loan Forgiveness?
 
The SBA recently released the loan forgiveness application. If you have a PPP loan with CSB, please contact your lender for additional details.
 
 

Let us help. Contact us.

 
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COVID-19 Economic Injury

Disaster Loans

 

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These loans are provided directly through the SBA and you will work with them to apply. For more information, please review the following SBA resources:
 

U.S. Small Business Administration (SBA)

 
 
 

Small Business Development Center

 
 
 
We realize this may be a challenging time for many of our local businesses. The situation surrounding the Coronavirus (COVID-19) and its impact is changing rapidly, and there is a constant stream of information to process.
 
We are committed to helping our customers by providing relevant information and assisting in exploring options. The U.S. Small Business Administration (SBA) is launching loan programs to assist businesses and our local Small Business Development Centers can help your business navigate the process.
 
During this time, we are here to help you and your business. We encourage any customer who is in need of assistance to please contact us. 
 
 

We are here to help.

Contact Your Local Expert.

  

Business Local Experts