PPP Cares Act Loan
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated a total of over $600 billion for the Paycheck Protection Program (PPP) to help small businesses keep workers employed amid the pandemic and economic downturn. The initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers spend at least 75% of the loan proceeds to maintain their payrolls during the crisis.
Contact your local banker to get started today.
- Loans are up to 2.5x average monthly payroll
- The term is 24 months
- Interest Rates are 1%
- The first month’s payments are deferred six months from the date of the promissory note
- Eligible businesses are those with 500 employees or less
- Funds are eligible for forgiveness if at least 75% of the proceeds are used for payroll and other qualified expenses
For those businesses with more than 500 employees, the Federal Reserve has implemented the Main Street Lending Program:
- Eligible businesses are mid-size companies with up to 10,000 employees
- Minimum borrowing amount of $1 million
- Maximum borrowing amount of $25 million
- Deferred payments and interest of 1 year
- Learn more about the Main Street Lending Program