COVID-19 Business Resources: FAQ on COVID Small Business Loans

COVID small business loans

Contents

Deferring my Pursuit loan

Are you providing loan deferments?

Yes, we are providing deferments on a case-by-case basis. If you would like to request a deferment, please use our COVID-19 Loan Deferral Request form. Some disaster and recovery loan programs and COVID small business loans are also still available, and we encourage you to apply in conjunction with your deferral request.  

If you have an SBA 504, SBA 7(a), Community Advantage or Microloan in regular servicing status, note that the SBA made your payments for a 6 month period beginning with any payment due on/before March 27, 2020. When this period comes to a close, you will be required to resume payments on 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

PPP forgiveness

Please find the most up-to-date information on PPP loan forgiveness here.

SBA Economic Injury Disaster Loan Program

Is this program still available? 

Yes. You can apply for the SBA EIDL through the SBA’s online application. 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

Is this program still available?

No, this loan program is now closed.

Paycheck Protection Program

Please visit our Paycheck Protection Program (PPP) Information Hub for a variety of resources and FAQs on the program.

Other/miscellaneous

Is Pursuit still offering standard business loans?

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. You can also find COVID small business loans there as well.

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.

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