United Community Bank has announced its plans to support communities and help small businesses obtain funding relief through the Paycheck Protection Program under the federal CARES Act. As one of the largest preferred SBA lenders in the Southeast, United Community Bank has extensive resources and skills that will be dedicated to helping small business owners determine eligibility and navigate the application process. Customers are invited to learn more about the bill and take steps to apply at UCBI.com/CARES.
The bill will expand the Small Business Administration 7(a) Loan Program to address working capital. Interested businesses must make a good faith certification that they have been negatively impacted by COVID-19. Eligible businesses with fewer than 500 employees that continue to employ, reemploy and pay their workers through the covered period during the Coronavirus pandemic can apply to receive a loan equal to two times the amount of one month’s average payroll plus an additional 25 percent, up to $10 million.
While the SBA works to update its system to accommodate the new loan eligibility criteria, interested customers are encouraged to visit UCBI.com/CARES to view United’s resources, including a checklist of documents that will be needed for the application and frequently asked questions about the bill. Customers are also able to register to have the link to the application emailed to them when it is available and are encouraged to review the document checklist to be prepared once the application period begins.
“We have invested heavily in growing our SBA team over the past six years and are prepared to work tirelessly to help businesses achieve the relief they need. We will be making this a bank-wide effort as we are eager to assist business owners with obtaining the funding to stay operational, compensate their employees and ultimately, continue to be a meaningful part of our communities,” said Rich Bradshaw, Chief Banking Officer.
As COVID-19 continues to impact communities, United has shifted branch operations to a drive-thru and appointment only model to help protect the health of customers and employees.