Communication Updates
COVID-19
In an effort to provide continual updates and transparency regarding COVID-19 and our preparedness plans, we have established this landing page. Below you will find all communication(s) provided to our customers and employees, as well as helpful links and resources.
Helpful Information
Experience #PeopleFirst Near and Far
As situations regarding COVID-19 continue to evolve, we know some may prefer banking options that do not require direct interaction. Here is a guide to the alternative banking options available to you.
Remote Banking OptionsOnline Banking Enrollment Information
Need help or have questions? We’re only a phone call or email away:
Online Banking for Individuals
Click here to Enroll
(888) 894-1357
help@bankwithchoice.com
Live Help 8:00 AM – 6:00 PM (CST)
Monday – Friday
Online Banking for Businesses
(763) 210-7775
cmteam@bankwithchoice.com
Live Help 8:00 AM – 5:00 PM (CST)
Monday – Friday
Helpful Links
COVID-19 Quick Reference Guide
CDC Updates
World Health Organization Updates
FDIC FAQ’s
CDC Helpful Handwashing Tips
Business Interruption Policies and COVID-19
Force Majeure and COVID-19
Managing Remote Work Cyber Risks
U.S. Small Business Grant Options
Special Loan Relief Programs
As an organization focused on putting #PeopleFirst, we continue to stand behind our customers, employees, and communities. We know that this is a challenging time for many. Below are some specific programs designed to help assist many businesses that may be feeling the impact of COVID-19. For questions and more information, reach out to your local banker or your nearest Choice Bank location.
Relief Loans for Businesses
Real Estate Loans
For all real estate notes: Residential Real Estate, Multi-Family, Farm Real Estate, Owner & Non-Owner Occupied
Features
- Payment deferral up to 6 months
- Applies to 1st Mortgages Only
- For Farm Real Estate Loans – 1 annual payment
*Fannie Mae rules apply for applicable real estate loans, interest will continue to accrue
Additional Credit Needs
Other loan types that may require an extension or expansion of credit.
Features
- Options for borrowers that require additional resources and/or loan extensions to support other challenges as a result of COVID-19
- Additional collateral and/or personal guarantees may be required.
Small Business Association
Economic Injury Disaster Loan
Minnesota and North Dakota businesses are now eligible for the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) Program. Our team of SBA experts have compiled all the resources and information you need to know.
EIDL Loan InfoCoronavirus Aid, Relief, and Economic Security (CARES) Act
Paycheck Protection Program (PPP)
The CARES Act was signed into law on 3/27/2020. The Act includes the Paycheck Protection Program (PPP) which was put in place to keep people employed and aid Small Businesses. Awaiting SBA interpretaion and regulation, the loans are not yet available. Our team of SBA experts have compiled what we know so far.
PPP Loan InfoSBA Product Comparison
Should you apply for one or both?
| Economic Injury Disaster Loan (EIDL) | Paycheck Protection Program (PPP) |
|---|---|
| A direct loan made by SBA | Preferred SBA lenders (PLP), such as Choice Bank, make the loans |
| A maximum interest rate of 3.75% | A maximum interest rate of 1% |
| For working capital, fixed debt obligations, pay bridge loans, credit cards if for COVID-19 purposes | For eligible working capital and payroll expenses |
| No set maximum loan size | Allowed to roll in outstanding balances on EIDL loans |
| No forgiveness | Maximum loan size is 2.5 times your average monthly payroll |
| 30-year term | Funds may be forgiven after 8 weeks by showing funds were used for eligible expenses |
| Collateral and Personal Guarantees required | Balances not forgiven will be repaid over a 2-year term |
| No collateral and no personal guarantees required |
Minnesota Department of Employment and Economic Development
MN DEED Emergency Loan Program
DEED announced the creation of an emergency loan program that will provide immediate relief to Minnesota businesses and their owners. Supported by $30 million from special revenue funds, they estimate between 1,200 to 5,000 small businesses in Minnesota will be able to receive financial assistance through the emergency loan program depending on the size of the loans being offered (anywhere from $2,500 to $35,000).
MN Emergency Loan InfoBank of North Dakota
Ag Disaster Relief Program
The Bank of North Dakota (BND) offers the Ag Disaster Relief Program to ND farmers and ranchers negatively impacted by extreme weather conditions in 2019. The program offers the ability to carry over operating shortfalls, term debt payments, and to restructure existing debt, including BND’s Farm Financial Stability Program. For more information, contact your banker or location.
BND Ag Disaster Relief InfoRelief Loans for Individuals
Choice Bank Relief Options
Consumer Loan Payment Deferral Program
- Includes secured consumer term loans (auto, recreation vehicles, chattel, etc.) as well as unsecured consumer term loans
- All consumer term loan principal and interest payments can be deferred for up to 3 months
- Individuals must ‘opt-in’ to the program to request up to a 3-month payment deferral
- All lines of credits are excluded from this program
Choice Bank Relief Options
Real Estate Payment Deferral Program*
- For all real estate notes including Residential Real Estate, Multi-Family, Farm Real Estate, Owner & Non-Owner Occupied
- Payment deferral up to 6 months
- Applies to first mortgages only
*Payment deferral does not include escrow payments.