COVID-19 SBA Loans and Paycheck Protection Program

Special Business Loan Programs to Support Business Members in Need Due to COVID-19

Updated January 4, 2021

The COVID-19 Relief Bill signed by President Trump in late December 2020 includes $284 billion for a second round of the Paycheck Protection Program. The SBA is establishing regulations for this new round of PPP to aid small business. Please monitor this SESLOC webpage for developments. Thank you.


Business Loan Payment Deferrals

Members may skip payments for eligible Business Vehicle and Term Loans. Please contact the SESLOC Collections department at (805) 543-1816 x561. 

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 payment deferrals subject to credit union approval. Conditions and restrictions apply. Terms subject to change at any time. 


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).

 

 

 

 

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