Coronavirus Aid, Relief, and Economic Security (CARES) Act Programs for Small Businesses

We have dedicated personnel studying and working with lending institutions to fully understand and assist our clients with these programs. Please contact us if you would like assistance with these programs or if we can answer any questions for you.

Paycheck Protection Program (PPP) Loans

The program will provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven, which will help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.

Small Business Debt Relief Program

This program will provide immediate relief to small businesses with non-disaster SBA loans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the Effective Date.