News Alerts from

March 13, 2020

DISASTER LOAN ASSISTANCE FOR SMALL BUSINESSES

As can be expected, we are receiving numerous calls regarding the availability of economic relief for small businesses, and, more specifically, about relief for borrowers who hold loans guaranteed by the Small Business Administration (SBA). Everyone in the United States has been affected by the current COVID-19 outbreak, prompting President Trump to declare a national disaster. The declaration allows the federal government to exercise emergency powers to preserve life, property and public health of U.S. citizens.

The federal government, working closely with the SBA, has activated the Economic Injury Disaster Loan (EIDL) program for small businesses that have been adversely affected by COVID-19. The EIDL program will provide eligible small businesses with working-capital loans of up to $2 million to assist them in meeting financial obligations and operating expenses until normal operations resume. EIDL loan applications are accessible directly online at the following link:

https:/www.sba.gov/funding-programs/disaster-assistance

This website will allow the user to register, complete the EIDL application and track its progress online.

Additionally, we have received inquiries regarding potential modifications and/or payment deferments on existing SBA loans. We have established a protocol for assisting current Holtmeyer & Monson clients with these concerns. All requests of these types should be directed to Penny Newbauer or Cindy Fischer in our office at (800) 340-7304.

Recent reports indicate the possibility of a meaningful stimulus program that will include small business loans and SBA guaranteed loans and grants. Specific details are not yet available, but we will pass them along to our clients and readers as soon as we receive them.

The coronavirus pandemic has caused an unprecedented situation. Holtmeyer and Monson stands ready to help our clients with information and services during this time. We will keep you advised of ongoing developments as we learn them, and will assist you in any way we can. Please contact your H&M Account Executive with any questions or clarifications. All of us here encourage our clients and readers to take sensible precautions in your daily activities and, most importantly, to stay safe.

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