800 611 5170Click to Apply for a Loan Online

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:

  • SBA Payment Relief – 2021
  • Quick Deferment Program
  • Webinar: PPP Forgiveness and Q+A
  • Forgiveness – Paycheck Protection Program Loan – Round 1
  • 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

 


SBA PAYMENT RELIEF 2021* – for your CDC Small Business Finance SBA loan

As small businesses continue to face the challenges of the pandemic, we are pleased to inform CDC Small Business Finance borrowers with an SBA loan that you will be able to take advantage of new SBA payment relief that was passed by Congress in December and amended to the CARES Act.

CDC Small Business Finance is working hard for you.  You are in good hands and can count on the proper relief payments being applied to your SBA loan.

SBA PAYMENT RELIEF FOR SBA LOANS APPROVED BEFORE MARCH 27, 2020*

  • The relief is automatic.  You do not need to do anything to benefit.
  • What is the timing?
    • If you have a fully disbursed loan, the payments will begin February 1, 2021
    • If your loan has NOT been fully disbursed yet, you will continue to make payments as agreed, and then once your loan has been fully disbursed to you, your SBA payment relief will automatically begin.
    • Fully disbursed is when your full loan amount has been provided to you from CDC Small Business Finance.
  • Eligibility: your SBA loan that was approved before March 27, 2020
  • What’s covered: The SBA will cover all principal and interest payments (up to a maximum of $9,000 per month) on your behalf for a designated amount of time (a minimum of two months).  SBA 504 borrowers with monthly payments over $9,000 will receive a future communication from us with a step by step guide on how to pay the balance.
  • Details are coming: As a CDC Small Business Finance borrower, you will receive a letter from us with the SBA payment relief details specific to your SBA loan and industry.  The letter will include how many months you will receive the benefit which is entirely based on the CARES Act parameters by loan type.
  • Benefits: Please note, the benefits may be modified by the SBA based on fund availability

 

FOR SBA LOANS APPROVED BETWEEN MARCH 28TH – SEPTEMBER 27TH, 2020

  • You are already eligible for 6 months of SBA payment relief.  
  • We are closely monitoring the situation and will keep you updated if additional relief payments are approved by the SBA for your loan..

 

FOR SBA LOANS APPROVED BETWEEN SEPTEMBER 28TH – JANUARY 31, 2021

  • Presently there is no provision in the CARES Act for new SBA borrowers with relief payments for loans approved between September 28th and January 31st, 2021.  We will continue to monitor the situation and inform you if there are developments which may provide you with some level of benefit. 

 

QUESTIONS?

Please keep an eye out for an email from CDC  with all the details about your SBA Payment Relief benefit.  If after you have received your email and you have additional questions, please email us at SBArelief@cdcloans.com

*Please note, the benefits may be modified by the SBA based on fund availability.

 


 

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.



 

PPP 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.


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  (March 2020)

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.

 

Sign up for our blog

Get the latest small business news and updates from our team once a week.

Please check your email and confirm your subscription.

Pin It on Pinterest