COVID-19 Business Resources: Frequently Asked Questions

Contents

Deferring my Pursuit Loan

Are you providing loan deferments?

Yes, we are providing deferments for non-SBA loans and SBA loans that did not qualify for the 6-month SBA Payment Relief Program (such as those not in regular servicing status) on a case-by-case basis. If you would like to request a deferment, please use our COVID-19 Loan Deferral Request form. We also recommend that you apply for one of the many disaster loan programs that are available in conjunction with your deferral request.  

If you have an SBA 504, 7(a), Community Advantage or Microloan in regular servicing status, note that the SBA will be making your payments for a 6 month period beginning with any payment due on/before March 27, 2020. Please review the details of this benefit here before deciding if you would like to defer your loan. 

Is the deferment period flexible? As in, if I opt for a 2-3-month deferment, but this crisis lasts longer, will I be able to extend the term?

This will be considered on a case-by-case basis. Please contact us 30 days before your deferment expires to discuss possible changes to the initial deferment.

Will interest continue to accrue during the deferment period?

Yes, interest will continue to accrue.

How long will my loan be deferred for?

The length of your loan deferment is determined on a case-by-case basis. Please submit a deferral request form and a member of our team will contact you to discuss.

Will a loan a deferment impact my credit score? 

No. Deferring a loan can help you protect your credit score because you’re not getting reported for being behind on payments

Does a deferment impact my ability to secure a loan in the future? 

No.

SBA Economic Injury Disaster Loan Program

How do I apply for the SBA disaster relief loan?

You can apply for the SBA EIDL through the SBA’s online application or by mail. Details on each process are outlined in our SBA EIDL guide here under “How to Apply.”

How long will it take to receive an SBA disaster loan? How soon will their SBA EIDL be approved and funded?

We do not have information on the SBA’s timeline for approving and funding disaster loans.

Why haven’t I heard back from SBA EIDL about my disaster loan application?

The SBA is receiving a large volume of applications for this program. You can check the status of your application by phone at 1-800-659-2955 or by email at [email protected].

Can the SBA EIDL be used to refinance Pursuit (and other) debt?

No, the SBA EIDL can only be used to alleviate economic injury as a result of the COVID-19 crisis. You can use the funds to cover fixed debts, payroll, accounts payable and other bills. However, the funds from this program cannot be used to replace lost sales, refinance long-term debt or to expand.

The SBA website is very confusing, can someone help me and walk me through the process?

Yes, please review the SBA’s guide to the SBA EIDL website. This will help you navigate the website and walk you through each step of the process. You can also call the SBA’s customer service line at 1-800-659-2955. Many local organizations are offering application support, including many Small Business Development Centers (SBDCs). Contact them for more information

Will this disaster loan prohibit me from getting additional SBA financing in the future?

No.

New York City Business Continuity Loan Program

How can I access the NYC Business Continuity loan program?

This loan program is now closed.

What are the terms of the NYC program? How do I prove lost revenue when March isn’t closed out yet?

The NYC Small Business Continuity Loan Fund can provide loans up to $75,000 at a 0% interest rate to businesses with fewer than 100 employees that have seen decreases of more than 25% in sales. You’ll be required to demonstrate the decrease in sales by providing documentation such as: point of sales reports, bank statement, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.

CARES Act

What am I eligible for under the CARES Act?

There are multiple relief programs available under the CARES Act. Please see our guide to the CARES Act for details on each program and how to apply.

How do I apply for the Paycheck Protection Program?

You can sign up to apply for the Paycheck Protection program here. Pursuit is accepting applications for up to $350,000 in New York, New Jersey and Pennsylvania only. All applications submitted before July 31st at 5 PM EST will be processed before the August 8th program deadline. If your application is received after July 31st, we will process it if the program is extended. 

What do I qualify for under the Paycheck Protection Program? How much can I borrow? What are eligibility requirements?

Learn more about this program’s benefits, eligibility requirements and more on our CARES Act summary page.

How do I apply for an Emergency Economic Injury grant?

The EIDL grant program is no longer available.

What are the details of the Small Business Debt Relief program? How do I access this through Pursuit?

This program will pay the monthly payments (including
principal, interest and fees) on existing SBA 504, 7(a), Community Advantage,
and Microloans for a period of six months. This applies to loans in regular servicing (current status). This means that the government will make your loan payments for you. You do not need to do anything to take advantage of this program and we will work with SBA to obtain payment. Please review specific details here.

I have an SBA loan with Pursuit. Since the SBA is paying my loan for 6 months, do I still need to pay Pursuit?

Please review these details here.

Other/Miscellaneous

How do I apply for a grant? What grants are available and are you offering any?

Pursuit is not offering COVID-19 grants. You can see a listing of loan and grant programs and other disaster relief funding options in our COVID-19 Resource Center.

 

Can I get a Pursuit loan even though my business is closed due to COVID-19?

Pursuit continues to take loan applications for standard business loans and for owner-occupied commercial real estate purchases. If you are seeking COVID-19 relief funding, we recommend applying for the low- or no-interest options available to you first. An updated list of programs is available on our COVID-19 resource center.

How do Pursuit’s loans differ from SBA disaster loans?

The SBA disaster loan programs are designed to meet the needs of businesses impacted by COVID-19 and have many beneficial features, such as deferred payments and low interest rates, that help at this time. Pursuit’s loans are designed to help businesses who are starting or growing, so the rates and terms are different.

Is Pursuit lowering their interest rates, extending terms, and/or adjusting their credit criteria during the crisis?

We’re currently offering deferments on our loans. To request a deferment, please use our COVID-19 Loan Deferral Request form.

Why is your SmartLoan rate 11.9% when interest rates are low?

We encourage business owners to seek out the numerous low interest rate programs that are available to support with COVID-19 disaster relief. The SmartLoan is designed to help growing businesses access capital quickly for non-emergency situations and the interest rate is in line with that need.

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