On March 27, 2020 President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) with two key programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).
Another provision of the CARES Act, the Small Business Debt Relief Program, provides immediate relief to small businesses with current non-disaster Small Business Administration (SBA) loans administered under Section 7(a) of the Small Business Act.
Additionally, the federal government is offering aid to eligible recipients in the form of economic impact payments, also known as stimulus payments. 
On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) into law, a $900 billion bipartisan coronavirus relief package. The Economic Aid Act includes new funding for the Paycheck Protection Program, Economic Impact Payments and several other provisions, as noted in the applicable sections below.

Paycheck Protection Program (PPP)

The Paycheck Protection Program prioritized millions of Americans employed by small businesses and self-employed individuals by authorizing approximately $660 billion toward job retention and certain other expenses. It provided cash-flow assistance through a 100% federally guaranteed/unsecured loan to maintain payroll costs. Additionally, President Trump signed into law the Paycheck Protection Program Flexibility Act on June 5, 2020. This act reduced the amount of loan needed for payroll to 60%, extended the time period to use funds from 8 to 24 weeks, pushed the June 30 rehire deadline to December 31, 2020 and eased rehire requirements. 

The Economic Aid Act signed into law on December 27, 2020 includes updated guidance for the PPP, authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Learn more on the guidance for each type of funding with the following SBA resources:

As of May 4, 2021, the SBA has announced that the PPP funding has been exhausted. With this news, we are no longer accepting applications.

PPP Forgiveness

We are proud to have helped our customers through the PPP application process with the first round of funding and now have a seamless process to assist customers through the forgiveness phase. You can find an introduction to our process, additional forgiveness details, requirements and a list of helpful FAQs by following the button below.

Learn More about PPP Loan Forgiveness

Loan programs details are subject to change as prescribed by the US Department of Treasury and/or SBA.

Looking for more information?

Refer to the following links and information regarding the CARES Act and the Paycheck Protection Program (PPP). 

As you will find in the Treasury’s document,  PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS, you will need to provide your lender with payroll documentation in addition to the application.

Additional detail will be provided and additional information may be required based on SBA published regulations for the PPP application process.

Economic Impact Payments (Stimulus Payments) 

To find complete information about the payments, please visit

Economic Injury Disaster Loan (EIDL)

While the Economic Injury Disaster Loans are typically provided at low interest rates to help businesses and homeowners recover from declared disasters, such as hurricanes or floods, the SBA modified this program to address the current COVID-19 pandemic. In addition, the SBA will automatically defer payments on all existing disaster loans until December 31, 2020 to further assist small businesses at this time.
EIDLs are loans originated and funded directly by the SBA without the involvement of banks and the maximum loan limit is $2,000,000. These loans require satisfactory credit history, ability to repay underwriting, personal guarantees from owners, and collateral in most circumstances.
The bill signed by President Trump on December 27, 2020 repealed a CARES Act provision that required PPP borrowers to deduct the amount of their Economic Injury Disaster Loan advance from their PPP forgiveness amount. The SBA is expected to issue rules to ensure that borrowers are made whole if they already received forgiveness and the EIDL advance was deducted from that amount.
To apply for an EIDL, which must be done directly with the SBA, please go to 


SBA Debt Relief Program

The SBA Debt Relief Program will provide immediate relief to small businesses with non-disaster SBA loans to help overcome the hardships the COVID-19 Pandemic has caused. With this Program, the SBA will automatically pay the principal, interest, and fees of current 7(a) and microloans for a period of six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. Please contact your Banker if you are a current SBA customer for more details.

Stock image of a small business owner applying for a loan

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1All loans subject to approval per SBA guidelines.

2After processing your application, we will notify you of our loan decision. If we cannot approve your application, you can request a statement of specific reasons why your application was denied. Please contact us at, Attn: SBA PPP, 225 S. Main Avenue, Sioux Falls, SD 57110, or at, 1.800.952.2043 within 60 days of notification. We will provide you with a statement of the specific reasons for our action within 30 days after receiving your request.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is: Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20006.


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