Close
Menu

COVID-19 Resource Center

Due to the economic impact of COVID-19 closures and postponements, we are gathering resources and information that may be of use to our customers. Please reach out to our branches if you have any questions or need assistance.

Charter Bank has been following the federal government's response to the COVID-19 pandemic closely. Now that Congress has approved the CARES Act stimulus bill, we are prepared to help you take advantage of it.

If your business has been harmed by the pandemic, this is the information you need to know. We are best positioned to help determine what will best meet your needs and how these programs might fit into your overall financial picture. We can talk through additional disaster relief loans, as needed, and the full suite of lending options and financial services we typically offer.

Please reach out to Charter Bank if you want to know more about, or apply for, these and other programs. If you’re unsure of who to contact, you can find the number for an office near you at https://www.charterbanker.com/locations.

Small Business Administration (SBA) Loans for the Pandemic
The Small Business Administration has two separate programs that apply to small businesses affected by the COVID-19 pandemic:

  • Economic Injury Disaster Loans (EIDL) are available immediately by applying directly to the SBA.

Click here to learn more about the Economic Injury Disaster Loans.

  • Paycheck Protection Program (PPP) loans can be applied for beginning on April 3, 2020 as part of the CARES Act, the $2 trillion stimulus package from the federal government.

Click here to learn more about the Paycheck Protection Program Loans.

Both loans can be used to keep your business open and your employees on payroll. However, there are important differences between them, including how you apply. Those differences are explained in detail via the links above. Charter Bank can also walk you through them, answer any questions and help you prepare to apply.

Regardless, the best advice is to get started gathering your information and filling out paperwork as soon as possible. No matter which loan you want to apply for—or if you want to apply for both—we can help you take action now.

The CARES Act also provides relief for existing SBA loans.  Starting no later than 30 days after the date on which the first payment is due, the SBA will pay all principal, interest, and fees on existing SBA loans for 6 months pursuant to 7(a), Community Advantage, 504, and Microloan programs. If the loan is currently in deferment, then the SBA will begin making payments after the deferment period. Borrowers who obtain new loans under those programs within six months after the enactment of the CARES Act are also entitled to have the SBA make a full 6 months of loan payments. These provisions of the CARES Act do not apply to loans under the new Paycheck Protection Program. The SBA is directed to promulgate implementing regulations within 15 days of enactment of the CARES Act.

 

The following links are resources for government assistance in loans and/or relief funds:

Small Business Paycheck Protection Program – Loan Application Package

SBA Disaster Loans - https://disasterloan.sba.gov/ela/

504 Payment Deferment - https://www.iowabusinessgrowth.com/wp-content/uploads/2020/03/COVID-19-Handout-Mar-24-2020.pdf

 

Information on COVID-19:

Centers for Disease Control (CDC) – https://www.cdc.gov/coronavirus/2019-nCoV/index.html

World Health Organization (WHO) – https://www.who.int/emergencies/diseases/novel-coronavirus-2019

 

News Stories:

Federal tax filing deadline extended to July 15, state to July 31 (March 20, 2020): U.S. Treasury Secretary Steven Mnuchin said that the deadline for filing tax returns is being moved from April 15 to July 15, after his department earlier this week similarly extended the due date for tax payments amid the coronavirus. Officials at the Iowa Department of Revenue also announced they are extending the filing and payment deadline for several state tax types, including state income taxes to July 31.

Iowa suspends property tax collection, evictions (March 20, 2020): Gov. Kim Reynolds suspended the collection of property taxes and halted most home evictions through a series of relaxed regulations aimed at helping Iowans impacted by the coronavirus. Reynolds announced the temporary changes through a state public health emergency declaration that went into effect immediately. The declaration pauses restrictions and regulations from certain statutes and other state rules. That includes suspending the collection of property taxes and related penalties and interest. The order also suspends some evictions under the Iowa Uniform Residential Landlord and Tenant Act, or the Manufactured Home Communities or Mobile Home Parks Residential Landlord and Tenant Act.