CARES Act Paycheck Protection
Sign up to apply for the CARES Act Paycheck Protection
Program loans up to $10 Million.
SBA fees waived
Up to $10 million-2.5x payroll expenses
1% Interest Rate fixed for the life of the loan
No Collateral Required
No Personal Guarantee
Loan Can be Forgiven
Covered Period: February 15, 2020 to June 30, 2020
To Apply for the Paycheck Protection Program, please complete the following form:
Who Can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.
How to Apply
You can apply through the form below in partnership with Bank who will process and handle your request.
Lenders have started processing loan applications.
Loan Details and Forgiveness
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1%.
With your completed Application, you will need to
submit the following documents:
A color copy of driver’s license (pdf file works best)– front and back
The most recent 4 quarters of IRS Form 941
Your most recent business tax returns
If 2019 is not available, then a 2019 profit & loss (P&L) statement will be needed
A year-to-date (YTD) profit and loss statement
A detailed payroll report for each employee
For Sole Proprietors and 1099 recipients only:
A copy of a voided Business Check
We’ll keep you updated on the Covid-19 small business relief program and alert you when these loans are available from the lenders in our bank network.
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. The Paycheck Protection Program will be available through June 30, 2020.