We understand that many of our customers are experiencing a financial strain due to the COVID-19 pandemic. Under the CARES Act recently enacted into law, small businesses have another financial assistance option. The Small Business Administration has been directed to fund new loans to small businesses that will be partially or fully forgivable if proceeds are spent on qualifying expenses. The loans are offered and administered by banks participating in the SBA program. These special loans are available to qualifying small businesses until June 30, 2020.
We have summarized highlights of the SBA loan program here for you.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
More information can be found on the Paycheck Protection Program page.
For entire details please visit the SBA website to learn more.