COVID-19 Business Resources

Coronavirus Aid, Relief and Economic Security Act (CARES Act):

On Friday, March 27, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) in response to the COVID-19 virus was signed into law. There are several key provisions that benefit small businesses and nonprofit agencies, which include the Paycheck Protection Program (PPP) and the SBA Economic Injury Disaster Loan Program (EIDL). The Bank of St. Croix supports the implementation of the Cares Act and is here to help you understand your options and assist you through the application process.

Paycheck Protection Program (PPP):

The Paycheck Protection Program is a federally guaranteed loan which provides working capital assistance to small businesses and nonprofit organizations who maintain their payroll during this emergency. Companies with 500 employees or fewer that were operational February 15, 2020 are eligible to participate. If the employer meets the above guidelines, all or a portion of the loan may be forgiven. For more information, including how to apply, please view the following links:

Due to a large number of applications received and the current level of pending applications, The Bank of St. Croix will no longer accept applications in order to complete all applications already in the pipeline prior to the end of the program on August 8, 2020.  This was a difficult decision, but it is necessary to provide sufficient time for the applications that have already been submitted.

SBA Economic Injury Disaster Loan Program (EIDL):

The U.S. Small Business Administration (SBA) offers disaster assistance for businesses impacted by COVID-19 virus. The Bank of St. Croix is certified by the SBA and is here to assist you with your EIDL loan needs. If your EIDL loan application is approved, you will receive a $10,000 advance within 3 days of your application approval. The SBA Economic Injury Disaster Loan Program (EIDL) is processed by the SBA Office of Disaster Assistance and is a different type of loan than the CARES Act PPP program. The following link provides more information about this program:

The EIDL Program is administered and funded solely through the SBA.  If you have additional questions or need assistance please contact your local SBA office.

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Please continue to visit our website for additional updates surrounding COVID-19.