The bill will expand the Small Business Administration 7(a) Loan Program to address working capital. Interested businesses must make a good faith certification that they have been negatively impacted by COVID-19. Eligible businesses with fewer than 500 employees that continue to employ, reemploy and pay their workers through the covered period during the Coronavirus pandemic can apply to receive a loan equal to two times the amount of one month’s average payroll plus an additional 25 percent, up to $10 million.
While the SBA works to update its system to accommodate the new loan eligibility criteria, interested customers are encouraged to visit UCBI.com/CARES to view United’s resources, including a checklist of documents that will be needed for the application and frequently asked questions about the bill. Customers are also able to register to have the link to the application emailed to them when it is available and are encouraged to review the document checklist to be prepared once the application period begins.
“We have invested heavily in growing our SBA team over the past six years and are prepared to work tirelessly to help businesses achieve the relief they need. We will be making this a bank-wide effort as we are eager to assist business owners with obtaining the funding to stay operational, compensate their employees and ultimately, continue to be a meaningful part of our communities,” said Rich Bradshaw, Chief Banking Officer. Bradshaw has an extensive background in SBA lending and has long served on the board of the National Association of Government Guaranteed Lenders. He, along with veteran SBA lender Beth Hallock, will lead United’s team in this effort.
As COVID-19 continues to impact communities, United has shifted branch operations to a drive-thru and appointment only model to help protect the health of customers and employees. Customers are encouraged to call their local bankers, make an appointment or visit UCBI.com/coronavirus to learn more about other services, like digital and telephone banking.