SBA Paycheck Protection Plan
If you are a small business financially impacted by COVID-19, you may be eligible for the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). PPP authorizes loans to help small businesses cover costs related to payroll, rent, mortgage interest, interest on existing debt, and utility payments. As a participating lender under the SBA 7(a) program, we have been accepting PPP loan applications.
Small businesses, including sole proprietors, independent contractors, self-employed individuals, nonprofit organizations, tribal business concerns, and Veterans' organizations, that: employ 500 or fewer people, were in business on or before February 15, 2020, and had employees to whom they paid salaries and for whom they paid payroll taxes or that paid an independent contractor.
What can this loan used for?
Operating expenses, such as payroll, rent, lease payments, utilities, and mortgage interest obligations. Payroll costs may include: wages, salaries, retirement contributions, healthcare benefits, insurance premiums, covered leave, and other expenses Interest on other debt obligations incurred before February 15, 2020.
Loans not to exceed 2.5X monthly payroll and any related costs up to $10 million.
Visit the SBA Website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp) to learn more about small business guidance and loan resources.
SBA Economic Injury Disaster Loan The SBA is assisting businesses to apply for Economic Injury Disaster Program loans. Additional resources and information about disaster program loans in your state can be found at disasterloan.sba.gov/ela/.