As COVID-19 (coronavirus) continues to create financial mayhem to small business and individuals, financial institutions are offering special assistance to help mitigate the hardship. We realize there is a lot of information coming at businesses right now: this is just a sampling of resources. We will update this post as new information becomes available.
At a March 25 news conference, Governor Gavin Newsom announced that Wells Fargo, Citi, JPMorgan, and U.S. Bank have agreed to a 90-day COVID-19 grace period for mortgage payments.
- Deferred and extension payments on existing consumer and small business loans and credit cards
- Waived and refunded ATM fees
- Penalty-free CD withdrawals, for CDs opened prior to March 1
Special offers are currently available, and are presently slated to end on April 17. The COVID-19 situation will be continuously monitored to determine if extensions or further action is needed beyond the current end date. The bank is also continuing to work on ways to further assist with customers’ financial needs.
U.S. Bank offered a commitment of $30 Million to human services organizations and local nonprofits to support COVID-19 recovery efforts in communities across the country. To give immediate assistance, U.S. Bank is offering temporary reduced pricing on Simple Loans and Personal Loans. Furthermore, the bank has also temporarily reduced pricing on Quick Loans and Cash Flow Manager.
The community response includes:
- National donations – $4 million to United Way, LISC and Operation HOPE to support individuals and small businesses affected by COVID-19.
- Local donations – $26 million in general operating funds to local nonprofit organizations across the country to continue supporting individuals and families with financial education, affordable housing and work assistance. This includes employee donations, which U.S. Bank will double through matching gifts.
CDC Small Business Finance
CDC Small Business Finance has launched two new emergency loan products: a $50,000 microloan and a $150,000 SBA 7a Community Advantage Loan. Visit the website or reach out personally to Stacey Sanchez, Senior Community Loan Officer, at email@example.com.