Small business owner SBA loans

COVID-19: Special Business Loan and Federal Government Disaster Assistance Programs

March 27, 2020
by Team SESLOC

Edited September 10, 2020

We care about our members, businesses and the communities we serve. That’s why we’re here to help. We have options for payment deferrals and access to Federal Government Disaster Assistance Programs for small businesses. We will all get through this together!

Business Vehicle and Term Loan Payment Deferrals

To defer* eligible Business Vehicle and Term Loan payments, please contact the SESLOC Collections department at (805) 543-1816 x563.

The following Business loans are eligible for payment deferral:

  • Vehicle loan
  • Term loan

Eligible loans must be:

  • No more than 30 days past due at the time of the request
  • Not under bankruptcy protection

*All Vehicle and Term loan payment deferral requests are subject to SESLOC Federal Credit Union approval. Conditions and restriction apply. Terms subject to change without notice.

SBA: Economic Injury Disaster Loans

Economic Injury Disaster Loans (EIDL) were included in the CARES Act passed by Congress on March 27, 2020. The loans through the Small Business Administration (SBA) will provide working capital loans to help small businesses of all sizes to meet their ordinary and necessary financial obligations that can’t be met as a direct result of this Coronavirus disaster. To apply for the loan, start the process at the SBA’s COVID-19 Relief site.


If you have questions, you may consult with representatives from the SBDC at the Cal Poly Center of Innovation (Small Business Development Center).

SBA: Paycheck Protection Plans

SESLOC has been approved to be a SBA lender for PPP loans for our Business members. At this time, we are no longer accepting applications or inquiries for a wait list.

EIDL Guidelines

The Federal Government does have one active and available disaster assistance program for businesses hurt by the coronavirus (COVID-19) disruption – Economic Injury Disaster Loans (EIDL). U.S. Small Business Administration (SBA) is now accepting applications for EIDL loans.  EIDL loans are loans made directly by SBA for working capital to help small businesses (as well as most private, non-profit organizations of any size) meet ordinary and necessary financial obligations which cannot be met as a direct result of the COVID-19 disaster. Nearly all businesses will find they qualify as “small ” under SBA’s small business size standard. If you file a business tax return or a Schedule C, you are likely to be eligible. Only a few special categories of businesses are excluded such as agricultural enterprises, cannabis, gambling, and religious organizations. Having an existing SBA guaranteed loan or a previous SBA disaster loan does not disqualify a business from this loan. 

The applicant doesn’t request a specific loan amount. Instead their assigned SBA loan officer will discuss with them their projected monthly cash flow shortfall and arrive at what is needed to pay the business’s fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Economic injury disaster loan funds provide working capital to cover normal business obligations and necessary operating expenses. The EIDL loan is not intended to replace lost sales or profits for expansion. Rather, the loans are intended to get the business through the disaster and recovery period until normal operations and regular cash flow can resume.

Please note that those who can help you are experiencing a high volume of requests. Please be patient and have as much of the information ready to aid in the application process.

Filed under Member News

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