How UMB supports you with the CARES Act

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As the COVID-19 (coronavirus) situation evolves, we are here to support our customers and help you financially weather this storm through available programs and relief.

The Coronavirus Aid, Relief and Economic Security (CARES) Act includes U.S. Small Business Administration (SBA) guaranteed loan products to help support companies affected by the COVID-19 virus. The bill also provides benefits to individuals, including direct payments to taxpayers, mortgage assistance, retirement savings access changes and more.

UMB

Overview of Business Programs

Please view the SBA website for complete program details and qualifications.

SBA Paycheck Protection Program:
This program aids companies in retaining their workforce and keeping them on the payroll, as well as managing certain other expenses. Eligible businesses are those with 500 or fewer employees and include non-profits, veterans organizations, tribal concerns, sole proprietorships, self-employed individuals, and independent contractors.

SBA Economic Injury Disaster Loans and Loan Advance:
This program is fully managed and processed through the SBA. If you are interested in this program, please connect directly with the SBA.

SBA Express Bridge Loan:
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender (like UMB) to access up to $25,000 with less paperwork. This bridge loan can provide working capital to businesses as they wait for decision and disbursement of the disaster loan funds.

SBA Standard 7(a) Loan Program:
The standard SBA 7(a) Loan Program is still in effect with $18 billion remaining in 2020 budget. A provision in the CARES Act authorizes some relief on existing or new obligations.

Information on the CARES Act Personal Programs

View our blog for more information about these programs or view the CARES Act website.

UMB is here for you

During these difficult times, UMB is here for you. We have been serving clients for more than 107 years and have seen many crises, from the flu epidemic of 1918 to the financial crisis of 2008. And we've helped our customers manage through them all by staying true to our legacy, business strategies and leadership principles. All of this still applies today and to this crisis—we will do what we always have. We'll do what's right and help our clients weather this storm.

I want to learn more about the CARES Act

If you need to apply for a CARES Act SBA loan

If you are a current client of UMB, please directly contact your officer or relationship manager.

If you do not have an officer, please complete the form below and we will contact you as soon as we can. Our financial relationship with you is very important to us and we will do all we can to assist you.

Please be patient as we encounter a high volume of interest in these programs.

I am interested in provisions that impact individuals (like mortgage, unemployment or IRA/retirement accounts)

If you are a current client of UMB, please directly contact your private banking, relationship manager or your local UMB branch. If you do not have an officer, please complete the form below and we will contact you as soon as we can. Our financial relationship with you is very important to us and we will do all we can to assist you.

By providing the information requested and clicking on "Contact Me," you are authorizing representatives of UMB to contact you about potential CARES Act loans. Submission of this information does not constitute an application to UMB, Bank, n.a. or the SBA for a loan.

If you're interested in an Economic Injury and Disaster Loan, please fill out the application for this program directly with the SBA.

SBA Forgiveness Guidance Still Needed

As of today, we are still waiting on the SBA for several key items which are necessary to process forgiveness applications.

  • SBA has not released a system or platform for receiving forgiveness applications. There is no way for lenders to submit applications.
  • SBA has indicated it may release an even more streamlined application for smaller loans.
  • We cannot accept paper or PDF forgiveness applications.

Resources

SBA Repayment Guidance

SBA has issued updated guidance on payment terms including:

  • Borrowers do not have to make any payments (principal or interest) until the approved PPP loan forgiveness amount is received by the bank.
  • Borrowers have 10 months to submit forgiveness application after PPP funds have been spent.
  • UMB will follow the most recent guidance for repayment of loans dated prior to June 5th. Beginning in September, we will send borrowers an amendment with the updated repayment terms. 

We appreciate your continued patience as we all wait for the SBA to finalize guidance and process necessary to move into the PPP forgiveness phase. UMB continues to develop our online PPP forgiveness platform to streamline and simplify the experience for our borrowers.

SBA PPP Program Extended to August 8th

The SBA extended the PPP loan application process to August 8th. UMB will no longer accept PPP loan applications after close of business Friday, July 31st. This will ensure we have adequate time to process and submit applications to the SBA for approval before the PPP program ends on August 8th. Receipt of an application prior to July 31st does not guarantee the PPP application will be successfully processed, submitted, and approved by the SBA by August 8th.

Resources

Please note we are forbidden to advise our clients on eligibility and application preparation. We must guide you to the SBA website, your legal counsel and your accountant for these interpretations.