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COVID-19 INFO: City closures and cancellations, resources for businesses and people.

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Financial assistance for businesses dealing with the coronavirus


Both private lenders and public agencies are releasing dedicated resources for businesses seeking financial assistance during the coronavirus. You can find a regularly updated list of providers below.

Federal Resources:

State of Oregon Resources:

Oregon’s state agencies are continuing to roll out or modify programs to address business impacts.

  • Oregon Employment Department: The State employment agency has a list of resources for businesses and workers planning for, or experiencing layoffs due to COVID-19 disruptions.

      Financial Institutions:

      A number of financial institutions are offering reduced rates, if you have an existing relationship with a commercial lender, it’s best to check in with them first to see what programs they’re offering for existing customers.

      • Bank of America has announced payment deferrals and late-fee reimbursements on a number of their small business loans, mortgages, small business credit cards. You can find more information here.  
      • Chase has set up the a general Covid-19 resources pageMortgage customers should check out this link.  Existing business loans may be deferred up to 90 days.  Credit card holders - reach out to the number on the back of your credit card.
      • Columbia Bank has set up a Business Recovery Resource Center page.  Access it here.
      • First Interstate Bank may offer payment deferrals or interest-only payments for up to 90 days on consumer and commercial loans. New or extended lines of credit may also be available. Reach out to your local banker to discuss assistance that may be available to you.   Find details here.
      • Mid-Oregon has created short-term emergency loans including CARE Loan, skip a payment options, and refinance options or loan modifications. More information available here.
      • Oregonians Credit Union customers should check here for information.
      • SELCO has announced a COVID-19 Financial Assistance Program for consumers.  More information at selco.org/COVID-19
        • For business members, SELCO will offer payment relief plans to certain members who are adversely impacted by the current economic conditions. SELCO is developing a program to assist multifamily owners who are offering rent relief to their tenants. Contact SELCO at selco.org/business-loans.
      • Summit Bank has created a document detailing the Paycheck Protection Program (PPP) which is part of the CARES Act.  This will be administered through SBA 7(a) lenders throughout the country, including Summit Bank.  Developed Friday afternoon (3/27), the attachment summarizes their interpretation of the PPP, which is not yet live, however has generated a number of inquiries.
      • Umpqua Bank has created a short intake form for the Paycheck Protection Program (PPP); however, they are temporarily not accepting any more applications. Clients may submit the intake form and will be informed when applications will be accepted again.  They have also set up a loan payment deferred payment program.  Existing borrowers can request to have their payments be deferred for 90 days and should call 833-898-0979 and talk to a specialist about their options. 
      • US Bank is offering a number of reduced rate loans for businesses impacted by COVID-19. More information available here.  For current loan customers, they have programs that allow them to put a hold on making payments for up to 90 days if they are affected by COVID-19. Call 1-888-287-7817 to get your loans reviewed. 
      • WAFD Bank is offering 5-year business lines of credit with the first 90 days interest free. Those who have seen a 10% or greater drop in revenues can apply to receive up to $200,000 on business lines of credit with 90 days interest-free. You can find more information here.

      Other Financial Assistance:

      • Small Business Administration’s Economic Injury Disaster Assistance 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 now available statewide, you can find information on applying here.
        • If you have questions on filling out the loan forms, the Small Business Development Center at COCC has staff on hand to assist you remotely. You can contact the SBDC here
        • A list of participating SBA Lenders who serve all of Oregon and southwest Washington can be found here.

         

      • Restaurant Employee Relief Fund was created to help restaurant industry employees experiencing hardship in the wake of the coronavirus disease (COVID-19) outbreak. Find detailed information here.

       

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