Covid-19 Small Business Resource Center

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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.

The latest round of assistance was passed by Congress and is intended to continue assisting business owners with the needs they have right now.

If you have questions, we are here to help you.

PPP Loan Newsletters

These newsletters are created by our Business Loan Officers to help with the influx of information regarding everything that has to do with PPP Loans, EIDL Loans, and all the different programs that have been enacted since the start of the COVID-19 pandemic.

The goal with these updates are to keep businesses and customers in the loop on the ever evolving situation that we are facing.

January 14th PPP Loan Update

January 12th PPP Loan Update

December 30th PPP Loan Update

PPP Loan Newsletter Archive

Paycheck Protection Program (PPP)

Loans that can be used for payroll, group health care benefits & insurance premiums, interest (but not principal) on mortgages or debt incurred prior to February 15, 2020, rent on any non-affiliated lease enforced prior to February 15, 2020, utility payments, covered operations expenditures, covered property damage costs, covered supplier costs, & covered worker protection expenditures. Businesses that have not received a PPP loan may apply for a “1st Draw” PPP loan. Businesses that already received a PPP loan may apply for a “2nd Draw” PPP loan if they employ under 300 employees & can show a 25% reduction in gross receipts between 2019 & 2020 on either a quarterly or annual basis.

Loan amounts are calculated at 2.5x the average monthly payroll over the last 12 months preceding the loan origination date. Businesses applying for a “2nd Draw” PPP loan that have a NAICS code beginning with 72 (Accommodation & Food Services sector) can calculate the loan amount using 3.5x. Seasonal businesses may choose a 12 week period between the dates of February 15, 2019 – February 15, 2020 to calculate the average payroll while self-employed individuals & farmers may use their 2019 or 2020 IRS 1040 schedule C & schedule F income to qualify.

  • Eligible for forgiveness by SBA if forgiveness requirements are met.
  • Collateral is not required.
  • If loan is not forgiven by the SBA, it must be repaid back within 5 years.
  • Fixed interest rate of 1.0%
  • First payment will be 16 months after the loan origination date.

Visit our PPP Loan Portal to learn what options are available

Additional Information:

Top-line Overview of First Draw PPP 

Top-line Overview of Second Draw PPP 

For additional reading, visit the SBA Coronavirus Relief Options webpage.

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!

Modifications to new and existing SBA 7(a) loans

The legislation continues this vital relief by resuming the payment of principal, interest, and fees on small business loans guaranteed by SBA under the 7(a) [including Community Advantage], 504, and Microloan programs as originally established in the CARES Act.

  • All borrowers will receive an additional three months of payment assistance starting in February 2021, capped at $9,000 per borrower, per month.
  • After the three-month period, borrowers considered underserved will receive an additional five months of payment subsidies capped at $9,000 per borrower per month, including –
    • Borrowers with SBA Microloans or Community Advantage loans, and
    • Borrowers with any 7(a) or 504 loan in hardest-hit industries, including food service and accommodation; arts, entertainment, and recreation; education; and laundry and personal care services.
  • Payment subsidies for six months will resume for new loans approved from February 1 to September 30, 2021, capped at $9,000 per borrower per month.

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

Contact Us:

Having a hard time going through everything? Contact us with your questions and we will get back to you and help you.