Information for Businesses Affected by COVID-19

With the COVID-19 pandemic, our world has fundamentally changed. The scope and local impact of this public health crisis is already widely felt here in Oregon and throughout the Pacific Northwest.

 As we adjust how we’re working and living, our top priorities are helping our customers that are struggling.

With the COVID-19 pandemic, our world has fundamentally changed. The scope and local impact of this public health crisis is already widely felt here in Oregon and throughout the Pacific Northwest.

 As we adjust how we’re working and living, our top priorities are helping our customers, especially the small businesses that are struggling.

The Federal Stimulus Package

The $2 trillion stimulus package that will likely be passed by Congress this week, which includes more than $370 billion for small businesses could bring much-needed help. The bill will allow banks to lend directly to businesses, and those loans will be backed by the Small Business Administration. And although there are restrictions, some of the terms are less onerous than other programs administered by the S.B.A. However, it could take several weeks to a month for implementation and for the money to start flowing. To learn how to apply for SBA backed business loans, contact your bank directly.

Contact Your Lenders

In the meantime, we are advising clients to contact any lenders, landlords, and creditors and tell them specifically that you have been negatively affected by the Coronavirus Pandemic and see if they have any options on deferrals, forbearance, or assistance. This is your first step. While many may not be able to assist you, many larger institutions have been able waive interest, late fees, or offer alternate payment programs.

Existing State and Federal Programs

Fortunately, there are resources for Oregon businesses looking for assistance in the event of local, regional, or statewide economic impacts due to identified disasters.

Beyond that, there are existing resources already in place to assist small businesses. The first place to visit is the Oregon Business Website page for businesses affected by the Coronavirus Pandemic:

http://www.oregon4biz.com/Coronavirus-Information/

This website has comprehensive information available, including information and links to the following programs:

SBA’s Disaster Loan Assistance.

Hillsboro Small Business Grants

Facebook Small Business Grants Program

WaFD Bank Small Business Lifeline

US Bank Small Business Services

Bank of America

CCD Business Development Corp—microlending program focused on COVID-19 needs

United Way of the Columbia Gorge

Many of the applications for these programs may require financial statements, including past year statements along with projections. If you need assistance putting together financials for the sake of these applications, please call us to discuss what you need and how we can help.

We know that this is just the beginning and plan to stay close to our customers, and their needs, to do what we can to help all of us persevere.

As more information becomes available, we will update this page.