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These are incredible challenging times for all of us.

During these times of struggle and hardship, United Community Bank is committed to helping everyone that needs assistance.

If you are a small business owner, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was just passed by Congress and is intended to assist business owners with whatever needs they have right now, to view what resources are now available click here. 

Information regarding PPP loans from our Chief Loan Officer Ryan Rustad can be found below. The goal with these updates are to keep businesses and customers in the loop on the ever evolving situation that we are facing.

October 16th PPP Loan Update

July 15th PPP Loan Update

June 24th PPP Loan Update

June 17th PPP Loan Update

June 5th PPP Loan Update

May 29th PPP Loan Update

May 22nd PPP Loan Update 

May 15th PPP Loan Update

May 8th PPP Loan Update

April 30th PPP Loan Update

April 21st PPP Loan Update.


Paycheck Protection Program (PPP)

Loans that can be used for payroll, group health care benefits, insurance premiums, and interest (but not principal) on mortgages or debt incurred prior to February 15, 2020, rent on any lease enforced prior to February 15, 2020 and utility payments. Maximum loan size is 10 million and the loan amount  is calculated at 2.5x the average monthly payroll costs over the last 12 months preceding the loan origination date. Seasonal businesses may use the date February 15, 2019 – June 30, 2019 or March 1, 2019 – June 30, 2019 to calculate the average payroll.

  • Loan Forgiveness benefit (see PPP Borrower Information Fact Sheet)
  • Loan must be repaid within 2 years.
  • Fixed interest rate of 1.0%.
  • First payment will be at least six months after the loan origination date.

SBA Economic Injury Disaster Loans Available

Minnesota’s small businesses are now eligible for the SBA’s Economic Injury Disaster Loan Program (EIDL). These loans have long-term repayment options, up to a maximum of 30 years and can provide low-interest loans of up to $2 million to small businesses and private non-profits. Loans less than $25,000 are unsecured while loans over $25,000 require collateral to be pledged.

These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments that can’t be paid due to the COVID-19 pandemic.   The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.

Online applications are available at: 

United Community Bank Loan Officers cannot submit these forms for you, but we can help you prepare and acquire all necessary documents so you can submit these forms accurately and promptly.

Any questions, please do not hesitate to contact your Loan Officer directly for more help from UCB click here!

United Community Bank Direct Loans

Express Bridge Loan – This product is to be used when a customer has applied for an EIDL and is designed to provide expedited relief to borrowers as they work through the EIDL process. The maximum loan size is $25,000.

  • Interest rates will be charged on a case-by-case basis.
  • Loan terms up to 7 years.
  • To get started please contact your local United Community Bank office.

Modifications to new and existing SBA 7(a) loans

Provide six months of payments for all 7 (a) borrowers – new and existing – which are not deferments, but rather full payments of principal and interest to the lender for which the borrower will never be responsible for again. This is immediate and much-needed relief for borrowers in the seven a portfolio.

For additional information please contact your local United Community Bank office.

Minnesota Department of Employment and Economic Development (DEED)

This temporary program, established in response to impacts of COVID-19, provides another option for financing to help small businesses weather this difficult time.  DEED is not the lender, but it will work with lenders throughout the state to use the loan guarantees to support small business loans. These loan guarantees will facilitate loans for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.

  • All loans will be made by lenders enrolled in the Minnesota Small Business Loan Guarantee Program.
  • UCB is not currently an enrolled lender for this program but we are looking into this opportunity.

IRS Tax Deferral Information

The IRS announced on Saturday March 21: 

  1. Filing deadline extended to July 15, 2020.  No need to file Form 4868 or 7004.

This applies to all tax returns due on April 15, 2020.  For example: 

  • Form 1040, 1120, estate, or trust, etc.

What is NOT extended:

  • This does not apply to partnership and S-corporation returns that were due on 3-16-2020. Those needed to be filed or extended.
  • Form 941 (employment tax) is still due on 4-30-2020.
  • W-2’s, 1099’s, 1095’s, etc:  “No extension is provided in this notice for the filing of any Federal information return.”
  1. Payment deadline extended to July 15, 2020 with no limitation on amount

Which payments?

  • Form 1040 for 2019 balance due payments normally due on 4-15-2020 are now due on 7-15-2020.
  • Form 1040 estimated tax payments for 2020 normally due on 4-15-2020 are now due on 7-15-2020.
  • This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

What is NOT extended:

  • Form 1040 Estimated tax payment due on 6-15-2020. Those payments are still due on 6-15-2020. No extension is provided in this notice for the payment or deposit of any other type of Federal tax

Info for Small Businesses with Critical Infrastructure Workforce

The Departments of Defense (DoD) and Homeland Security (DHS) recently released information regarding “Critical Infrastructure Workforce” that may be relevant for your small business, including the words “If you work in a critical infrastructure industry… you have a special responsibility to maintain your normal work schedule.”  Those industries are:  Healthcare, Public Safety, Food & Agriculture, Energy, Transportation, Public Works, IT, some local government, Critical Manufacturing, Hazardous Materials, Financial Services, Chemical, and the Defense Industrial Base.  State and local mandates for closures may occur, and Federal agencies have not yet invoked authority to override them, but whatever occurs this source provides useful information and tips for navigating what’s ahead for relevant small businesses.