Important Updates to the SBA’s Paycheck Protection Program
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For the loan inquiries that we have received, we are working diligently to reach out directly to our clients with the status of their requests.
The Coronavirus Aid, Relief and Economic Security Act, the CARES Act, made funds available to see America’s backbone of small businesses through United States Small Business Administration (SBA) on relief loans and the Paycheck Protection Program. Within certain guidelines, businesses were eligible to borrow up to 2.5 times the cost of their average monthly payroll from the previous year or up to $10 million.
These loans are intended for businesses with not more than 500 employees or, if applicable, the size standard in number of employees established by the Small Business Administration for the industry in which the business operates. These loans are also available to sole proprietors, independent contractors and eligible self-employed individuals.
A portion of these loans may be forgivable, meaning the entire amount may not have to be paid back, if your business fits the criteria outlined by the SBA . Following certain guidelines and minus required expenses, borrowers may be forgiven the principal of these loans used to pay eight weeks’ worth of payroll cost, mortgage interest payments and obligations, rent and utility payments. Learn more on how that process works.
For more information tailored specifically to you or if you have questions regarding your request, please contact your lender directly or call us at 630.570.7730. We’re open for business and ready to help ensure all of us get through this together.