Small business owner SBA loans

COVID-19: Special Business Loan and Federal Government Disaster Assistance Programs

Edited April 7, 2020

We care about our members, businesses and the communities we serve. That’s why we’re here to help. We have options for payment deferrals and access to Federal Government Disaster Assistance Programs for small businesses. We will all get through this together!

Note, we too are impacted by the shelter-at-home warning and are working with fewer team members. We will process requests as quickly as possible. Thank you for your patience!

Business Vehicle and Term Loan Payment Deferrals

We have a simple and streamlined process for members to skip payments for eligible Business Vehicle and Term Loans. Stay at home! Use our secure online formEligibility and instructions found below.

SBA: Economic Injury Disaster Loans

Economic Injury Disaster Loans (EIDL) were included in the CARES Act passed by Congress on March 27, 2020. The loans through the Small Business Administration (SBA) will provide working capital loans to help small businesses of all sizes to meet their ordinary and necessary financial obligations that can’t be met as a direct result of this Coronavirus disaster. To apply for the loan, start the process at the SBA’s COVID-19 Relief site.


If you have questions, you may consult with representatives from the SBDC at the Cal Poly Center of Innovation (Small Business Development Center).

SBA: Paycheck Protection Plans

SESLOC has been approved to be a SBA lender for PPP loans for our Business members. At this time, we are no longer accepting applications or inquiries for a wait list.

How to Submit a Business Vehicle or Term Loan Payment Deferral Request Online

The following Business loans are eligible for payment deferral:

  • Vehicle loan
  • Term loan

Eligible loans must be:

  • No more than 30 days past due at the time of the request
  • Not under bankruptcy protection

To request a payment deferral, complete a Business Loan Assistance Payment Deferment Request and Agreement*

  • Enter full name and email address.
  • A secured Business Loan Assistance Payment Deferment Request and Agreement will be sent to the email provided by you via DocuSign.
  • Please have your Business Member Number and Loan ID available to complete the request (can be found on your monthly statement).
  • You may request up to two months payments be deferred at a time.
  • All signers and guarantors on the loan must complete this form.

Just like many other organizations impacted by COVID-19, we too are impacted by the shelter-at-home warning and are working with fewer team members. Due to the large number of requests, please allow 10 business days for processing. Please avoid calling, if possible, to allow us to allocate team members to process your request.

  • Once your payment deferral request is processed, you will be able to see the updated next “Payment Due Date” on your loan account in online banking

Once your payment has been deferred, please stop your automatic payment to the loan:

  • If you set up your automatic payment using online banking, please log in to Online Banking and cancel automatic payments for the months being deferred.
  • If you set up your automatic payment from another financial institution, please contact them to stop the automatic payment.
  • If we’ve set up your automatic payment from a SESLOC account we will stop the automatic payment and reverse the payment to your SESLOC deposit account as necessary.
  • You will need to reinstate automatic payments after the end of the deferral period, if you wish for automatic payments to continue in the future.

*All Vehicle and Term loan payment deferral requests are subject to SESLOC Federal Credit Union approval. Conditions and restriction apply. Terms subject to change without notice.

EIDL Guidelines

The Federal Government does have one active and available disaster assistance program for businesses hurt by the coronavirus (COVID-19) disruption – Economic Injury Disaster Loans (EIDL). U.S. Small Business Administration (SBA) is now accepting applications for EIDL loans.  EIDL loans are loans made directly by SBA for working capital to help small businesses (as well as most private, non-profit organizations of any size) meet ordinary and necessary financial obligations which cannot be met as a direct result of the COVID-19 disaster. Nearly all businesses will find they qualify as “small ” under SBA’s small business size standard. If you file a business tax return or a Schedule C, you are likely to be eligible. Only a few special categories of businesses are excluded such as agricultural enterprises, cannabis, gambling, and religious organizations. Having an existing SBA guaranteed loan or a previous SBA disaster loan does not disqualify a business from this loan. 

The applicant doesn’t request a specific loan amount. Instead their assigned SBA loan officer will discuss with them their projected monthly cash flow shortfall and arrive at what is needed to pay the business’s fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Economic injury disaster loan funds provide working capital to cover normal business obligations and necessary operating expenses. The EIDL loan is not intended to replace lost sales or profits for expansion. Rather, the loans are intended to get the business through the disaster and recovery period until normal operations and regular cash flow can resume.

Please note that those who can help you are experiencing a high volume of requests. Please be patient and have as much of the information ready to aid in the application process.


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