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COVID-19 EMERGENCY RELIEF OPTIONS + TOOLS UPDATE: FOR CDC SMALL BUSINESS FINANCE BORROWERS

NOTICE: Due to the nature of the emerging and rapidly evolving information from government and non-government relief programs, some requirements and offerings may change before they are listed on this website.  Please consult with your loan officer and your own professionals for the most current details.

 

We know that the current situation with COVID-19 is creating challenges for you.  We are all hands on deck working on ways to provide you relief as you navigate how to best support your business during this time.

On this page:

  • Quick Deferment Program
  • Webinar: PPP Forgiveness and Q+A
  • Paycheck Protection Program Loan – for CDC Small Business Finance borrowers
  • Forgiveness – Paycheck Protection Program Loan
  • SBA Payment Relief
  • SBA Disaster Loan Program
  • The Small Business Owner’s Guide to the CARES Act – from the The U.S. Senate Committee on Small Business & Entrepreneurship
  • Top Tips for Businesses Impacted by COVID-19
  • SBA Alert: Beware of Scams + Fraud

QUICK DEFERMENT PROGRAM – for CDC Small Business Finance borrowers 

We have created a special temporary monthly loan payment deferment program designed for businesses whose revenues are being affected by COVID-19.  The program provides temporarily reduced loan payments to help you cover operating costs.

How to apply for a Quick Deferment 

 To be considered, please send the following to coronavirusdeferments@cdcloans.com 

  • Include your loan number in the subject line to speed up the process
  • A detailed letter that clearly outlines the impact COVID-19 has had on your business
  • Identify if your business is currently open or if it has been closed due to a government mandate or other reason.  Also outline whether you are currently paying employees.
  • Presuming that COVID-19 is contained within 90 days in your area, please share your plan post COVID-19 to help your business recover
  • One of the following: your December 31, 2019 and your interim financial statements OR the past three months of your business bank statements
  • A copy of your 2019 Federal Tax return if you have not already submitted one to CDC Small Business Finance

What to expect:

  • You will be notified when we receive your request
  • We will do our best to send you an answer within five business days.  Please note, due to the influx of requests, in some cases it may take a little longer.
  • If approved, your loan payment will be reduced to as low as 10% of your standard loan payment.  For example, if your standard loan payment is $1,000 it could be reduced to as low as $100 during the deferment period.  The emerging release of government relief programs will effect the length of time the deferment is offered.  Please check with your loan officer for the most update information about the deferment time period.

How does the deferment affect my loan?

The program is designed to provide you reduced loan payments in the near term to help you during this time.  The amount deferred will be amortized into your monthly payment in the future. Once your deferment is approved, you will receive an agreement which will specify the amount of your future payments.

  • SBA 504 loans: The total amount that was deferred during the period will be amortized into your payments over the next five years.  The amount that will be added in the future to your monthly payment will depend on the deferment amount.  
  • Working Capital Loans: The total amount that was deferred will generally be amortized over the remaining term of your loan.   The change in your monthly payment will be dependent on the amount deferred.

WEBINAR: PPP FORGIVENESS AND Q+A

Click Here to Join the Webinar: Tuesday & Thursday at 10am PT

The webinar will be hosted by a CDC Small Business Finance loan expert who will go over the details of our emergency relief loans. There will also be a Q+A to address your questions.



PAYCHECK PROTECTION PROGRAM (PPP) LOAN – for CDC Small Business Finance borrowers

The Paycheck Protection Program loan is designed to help small businesses impacted by COVID-19 keep their workforce employed.  

CDC Small Business Finance has approved over 4,000 PPP loans for small business owners.  We are proud that our all-hands on deck effort helped so many small business owners in need.  Our mission, as always, is to be a trusted resource for the small business community.

NOTICE: The PPP program has closed as of August 8, 2020.  Applications are no longer being accepted.

SBA PROGRAM DETAILS:

Click here for the SBA overview of the Paycheck Protection Program loan.  

 

FORGIVENESS – WHAT TO EXPECT – for CDC Small Business Finance borrowers

WHAT YOU NEED TO KNOW
You’re in good hands!  CDC Small Business Finance is one of the leading SBA lenders in the country and we are very well versed in working with the SBA.  Our experience and tools will help you get as much forgiveness as possible based on the program guidelines.

Guidance :  We closely monitor the program rules and will communicate what you need to know as the news becomes available.

When to apply for forgiveness:  As soon as it is time to apply, you will receive an email from notifications@venturesgo.com with your forgiveness application.

Our application tool will do a lot of the work for you!  You will access  your forgiveness application with the link sent to you via email.  The tool will have a calculator programmed with the final forgiveness formula. You will add variables requested, and the calculator will do the math for you.  You will also be able to upload any required documents.

WHAT CAN YOU DO RIGHT NOW? KEEP ALL DOCUMENTS!
When the time comes, you will be required to provide documents that relate to your PPP loan use.


Keep All and Any Documents Related to:
  • Payroll and related costs
  • Employee benefits
  • Utilities
  • Rent
  • Mortgage and interest

QUESTIONS? JOIN OUR PPP FORGIVENESS WEBINAR – TUESDAY AND THURSDAY AT 10AM PT:
Click here Tuesday and Thursday at 10am PT to join our webinar. The webinar is hosted by a team of our loan experts and will review what we know about forgiveness so far.  There will also be a Q+A. The link is also on our website homepage.  

WE’RE ON YOUR SIDE
Our goal is for you to get as much forgiveness as possible!  So, please remember, you are not in this alone.  Between our application tool and customer service team, we will help you through this process.



SBA PAYMENT RELIEF – for your CDC Small Business Finance SBA loan

  • SBA Payment Relief is Automatic:

    The CARES Act provides payment relief automatically for businesses that currently have an SBA 504, SBA Community Advantage and/or SBA Microloan unless your loan was in default. You do not need to request it or do any paperwork – CDC Small Business Finance is handling all the necessary work.  As a borrower, you will receive an email from us with more information –  if you have any questions, please wait to receive the email as it should provide the answers.

  • Six month benefit from the CARES Act program begins with April Payment Due: 

    The SBA will cover the costs of your loan’s principal and interest payments for six months.

  • What to do after six months:

    CDC Small Business Finance recommends borrowers with an SBA 504, SBA Community Advantage and/or SBA Microloan secure this benefit for six months and then work with CDC Small Business Finance on a deferment request, if still needed, closer to the end of that program.

  • IMPORTANT – SBA 504 borrowers:

    SBA PAYMENT RELIEF DOES NOT APPLY TO BOTH PORTIONS OF YOUR 504 LOAN  

    • SBA 504 is two loans – an SBA loan and a 1st trust deed bank loan 
    • SBA relief benefit ONLY applies to the SBA portion of your 504 loan – the six month SBA payment relief benefit will only apply to your payments on the SBA portion of your 504 loan
    • Relief or deferment of the 1st Trust Deed portion of your loan with the Bank – You will need to contact the bank that holds the 1st trust deed to find out what relief and deferment programs they are offering.
  • Don’t have an SBA loan?

    CDC Small Business Finance borrowers with loans other than the SBA loans noted above are encouraged to apply for a Quick Deferment if they are negatively impacted by the COVID-19 crisis.


 

DISASTER LOANS THROUGH THE SBA
These Loans Are NOT Available through CDC Small Business Finance

If you need funds to cover expenses – consider a disaster loan:

The Small Business Administration (SBA) is making working capital loans available to small businesses that have been negatively impacted by the coronavirus through their Disaster Loan program.  

How does it work:

Please note: The SBA’s Disaster Loan division is completely separate from CDC Small Business Finance and unfortunately we cannot help you apply.

 


THE SMALL BUSINESS OWNER’S GUIDE TO THE CARES ACT

Download the U.S. Senate Committee on Small Business & Entrepreneurship’s Guide

Get all the details on:

  • Paycheck Protection Program Loan
  • Small Business Debt Relief Program
  • Economic Injury Disaster Loans
  • Emergency Economic Injury Grants
  • Small Business Counseling
  • Small Business Contracting
  • Small Business Tax Provisions

 

TOP TIPS FOR BUSINESSES IMPACTED BY COVID-19

 

SBA ALERT: BEWARE OF SCAMS + FRAUD

Click to read the SBA Alert: Beware of Scams + Fraud
As a small business owner, we know you need relief and you want it fast. We urge you to be diligent when getting an emergency loan. It’s critical to know how to not fall victim to scams and fraud.

 


It is possible that some of the information on this website, on linked pages and attachments (collectively, Information”) has been superseded, modified or is no longer accurate.  The Information does not constitute legal, tax, financial or advice of a professional nature; it is provided for informational purposes only.  You should consult your own professional advisors for any such advice.  Any action you take based upon the Information is strictly at your risk and based upon your decision and we will not be liable for any losses or damages in connection with the Information.

 

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