Coronavirus Small Business Guidance & Loan Resources

In response to the COVID-19 pandemic, congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act that provides approximately $2 trillion in stimulus funding. The Act includes $350 billion in funding specifically for small business loans. As a Small Business Administration approved lender, SouthPoint Bank is here to help partner with you during these difficult times.
Learn more about the Paycheck Protection Program.
What does it mean for my business?

The CARES Act allows the SBA to provide federally backed loans through June 30, 2020 to support our small businesses across the United States.

On March 31, 2020, the Treasury Department issued guidance on applying for one of these loans beginning April 3, 2020. SouthPoint Bank is prepared to work with you and process your loan request during this ever-evolving process.

Am I eligible?
  • Small business with fewer than 500 employees
  • Small business that meets the SBA's size standard
  • A 501(c)(3) with fewer than 500 employees
  • Individual who operates as a sole proprietor
  • Individual who operates as an independent contractor
  • Individual who is self-employed with a regular trade or business
  • A 501(c)(19) Veterans Organization

*500 employee limit is based on full-time and part-time employees

Loan Opportunities currently available
  • EDIL (Economic Disaster Injury Loan Program) - Up to $2 million
  • EDIL Advance - $10,000 received in 3 days - FORGIVABLE DEBT
  • CARES Act - 7a loan program up to $10 million
  • Paycheck Protection Program - 2.5X average monthly payroll costs not to exceed $10 million
  • SBA Debt Relief
    • P&I paid for any new loan closed prior to 9/27/2020
    • P&I paid for current 7a loans for a period of 6 months