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In observance of Martin Luther King, Jr. Day, all Truliant locations will be closed on Monday, January 18th.

SBA Relief Loans

A second round of small business relief has been approved by the SBA

SBA Relief Loans

SBA Relief Loans

  • Paycheck Protection Program Loans (PPP)
  • Economic Injury Disaster Loans (EIDL)
  • Frequently Asked SBA Relief Questions

 

At Truliant, we believe in the importance of small businesses within the communities we live. We’re working diligently alongside the Small Business Administration (SBA) to provide solutions to help our small business member-owners through this time. We are here for you.

The latest COVID-19 Relief Bill was signed into law on December 27, 2020, providing approximately $900 billion of fiscal stimulus to individuals, businesses, and hospitals.

Included in the bill were extensions for two types of business loans: Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans  (EIDL).

Paycheck Protection Program (PPP) Loan

Truliant is pleased to announce that we are currently accepting applications for Truliant members who have been members since before December 27th, 2020. We will begin submitting applications as we receive them and their supporting documentation on Tuesday, January 19, 2021.

Before applying, please read our Application Tips and Troubleshooting Guide and gather your supporting documentation in PDF format. If you will be applying for your second PPP loan, please be sure to have your previous (First Draw) SBA loan number and loan amount ready prior to beginning.

To begin your application, please sign into Online Banking and click the application link under "PPP Loan Applications." Also, please be sure to access the application using Google Chrome for the best website experience.

For more information about the PPP, please visit the SBA website.
 

Economic Injury Disaster Loans (EIDL)

The EIDL is for businesses to pay for operational expenses through this uncertain time. This loan is administered by the SBA and includes a $10,000 emergency grant to be made within three days of an application.

These grants do not have to be repaid as long as funds are used for: 

  • Providing paid sick leave to employees unable to work due to the direct effect of the COVID–19
  • Maintaining payroll to retain employees during business disruptions or substantial slowdowns 
  • Meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains
  • Making rent or mortgage payments
  • Repaying obligations that cannot be met due to revenue losses

EIDLs are working capital loans, up to $2 million, which may be used for fixed debts, payroll, accounts payable, and other bills. These loans include a 10-year repayment at 3.75% (or 2.75% if you’re a non-profit). To qualify, you must be:

  • A small business, cooperative, ESOP or tribal business with 500 or fewer employees
  • An individual who operates under as a sole proprietorship, with or without employees, or as an independent contractor, or
  • A private non-profit or small agricultural cooperative 
  • Your business must be directly affected by COVID-19

To apply or for more information, please visit the Small Business Administration Portal.


All loans are subject to credit approval and program guidelines.
 

PPP Loan Forgiveness

Resources

How can I request loan forgiveness?

If your existing PPP Loan is $150,000 or greater, you should have already received a link to complete your forgiveness application. If your existing PPP loan is less than $150,000, the forgiveness process is not open at this time. As the SBA rules associated with the new originations and how forgiveness will be administered, more details will follow.

In the meantime, please continue to prepare your supporting documentation per SBA guidance, saving in PDF format, if possible, to ensure easy uploading to the SBA's digital platform when forgiveness applications are ready to begin processing. Unfortunately, no paper applications will be accepted.
 

Other Frequently Asked Questions

Is Truliant still offering the PPP loan?

We will be participating in the new PPP Loan origination. For details and to learn how or what you need to qualify for a new PPP Loan, please visit the SBA's website.

In order to apply, you must either:

  • Have become a member before December 27, 2020
  • Have an existing PPP loan

Where can I get the most up to date information related to PPP Loans in general?             

The most accurate and current information can be found on the SBA website.

Are you doing the EIDL loan with the $10,000 advance?

The EIDL is only available through the SBA. Please visit the SBA website to apply. This loan is administered by the SBA.

Are you a Member that needs assistance? We understand the need for flexibility based on individual circumstances and are here to assist any way we can. Members impacted by coronavirus who need special arrangements can call 800.822.0382.