Experiencing economic downturn resulting from COVID-19? We are an approved lender for the Paycheck Protection Program (PPP) and dedicated to helping small businesses keep workers employed.
The Paycheck Protection Program (PPP) is an initiative providing $350 billion to help small businesses keep workers employed during the economic downturn resulting from the Coronavirus (COVID-19) pandemic. This program is part of the overall Coronavirus Aid, Relief and Economic Security (CARES) Act.
We are an approved lender for this program. Funds are being provided on a first-come first-served basis, with a limited amount available, so businesses are encouraged to apply as soon as possible.
The PPP program is available to all businesses, non-profits, veterans organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors with 500 or fewer employees.
- April 3, 2020 - small businesses and sole proprietorships
- April 10, 2020 - independent contractors and self-employed individuals
Funds may be used for:
- Payroll costs, including benefits (supported by the formula used to establish the loan)
- Payroll costs include salaries, wages, commissions or tips.
- Interest on mortgage obligations (incurred before February 15, 2020)
- Utilities (for which service began before February 15, 2020)
- Rent (under lease agreements in place before February 15, 2020)
- 2.5x a businesses average monthly payroll costs for the year prior
Annual percentage rate:
- 1.00% APR
Payment and loan terms:
- No payments for the first six months and a total 2-year term
The loan amounts will be forgiven as long as:
- Proceeds are used over the eight-week period after the loan is made
- Proceeds are not used for anything other than the payroll costs, mortgage interest, rent and utilities payments as defined.
Loans will not be forgiven if staff and payroll is not maintained and if full time employee numbers are lowered, or if salaries are decreased by more than 25% for those making less than $100,000 per year.
- June 30, 2020
In order to apply, please contact our Commercial Lending Team.
All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
For any questions related to the SBA's Paycheck Protection Program, take a look at this helpful Q&A.