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Paycheck Protection Program Loan Guarantee and Forgiveness

Passed by Congress, and signed by the President, the Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program intended to provide eligible small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loan from the U.S. Small Business Administration. To apply for forgiveness, small businesses must submit documentation regarding the eligible uses of loan funds (payroll costs, mortgage interest, utilities, etc.), a certification that such documents are true and correct, as well the amount to be forgiven, and any other documentation deemed necessary by the U.S. Small Business Administration. The amount any small business is eligible to borrow and be forgiven is 250 percent of their average monthly payroll expenses, up to a total of $10 million.

Contact us for information about loan forgiveness application.

U.S. SBA Economic Injury Disaster Loan (EIDL)

The President has activated a presidential disaster declaration in response to COVID-19. Impacted businesses, small agricultural cooperatives, and private nonprofit organizations may apply for low-interest loans through the U.S. Small Business Administration's Economic Injury Disaster Loan (EIDL) Program. If your business has suffered substantial economic injury, you may qualify for an EIDL.

EIDLs provide working capital to help businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

Contact us for information about eligibility, loan program details, and how to apply. Application Filing Deadline: December 18, 2020

Fed's Main Street Lending

As a result of the CARES Act, the Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses. With the additional limits on the SBA's Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL), businesses can turn to the Fed's Main Street Lending program, whose start date has yet to be announced. Main Street loans are made by eligible banks.

The Main Street Lending Program offers three different secured or unsecured 4-year term loan options set at an adjustable rate of LIBOR (1 or 3 month) plus 300 basis points with principal and interest payments deferred for one year for eligible borrowers. Unlike PPP loans, Main Street loans are full-recourse loans and are not forgivable.

The Fed said it will allow businesses with up to 15,000 employees and $5 billion in annual revenues to qualify for loans-expanding the earlier limit of 10,000 employees and $2.5 billion in revenue. The minimum loan size is $500,000 for two of the options and $10 million on the expanded loan option.

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