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.
Location Updates Loan Relief Programs Remote Banking Options
Customer Communication
Read the March 13 Letter
Read the March 16 Update
Read the March 19 Update
Read the March 27 Update
Read the March 30 Update
Read the April 1 Update
Employee Communication
Read the March 13 Letter
Read the March 16 Update
Read the March 18 Update
Read the March 26 Update
Helpful Links
Remote Banking Options
COVID-19 Quick Reference Guide
CDC Updates
World Health Organization Updates
FDIC FAQ’s
CDC Helpful Handwashing Tips
Read about the Small Business Administration Disaster Relief Program
MN DEED Small Business Emergency Loan Program
Special Loan Programs for Businesses
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.
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
Government Loan Assistance
Facilitate and assist with Government Disaster Loan programs
Features
- Interim funding/bridge loan options while awaiting approval of SBA disaster loans
- Interest-only options available
- Payment deferral options available
*SBA terms and rules will apply
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.
SBA EIDL 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.
CARES PPP 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 3.25% | A maximum interest rate of 0.5% |
| 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 Info