Economic Impact Payments (Stimulus Payments)
Paycheck Protection Plan (PPP)
Who is Eligible
- Small businesses
- Eligible nonprofit organizations
- Veterans organizations
- Tribal businesses (as described in the Small Business Act)
- Individuals who are self-employed
- Independent contractors (if they also meet program size standards)
What is Included in Payroll Costs
- Sick/family leave/PTO
- Severance payments
- Group health benefits
- Retirement benefits
- State or local taxes assessed on employee compensation
What are the Details1
- Loan amounts up to $10M
- Payments deferred for 6 months
- SBA guarantees 100% of PPP loans
- There are no loan fees to the borrower
- Fixed interest rate of 1%
- There are no personal guarantees required
- No collateral is required
Amounts may be forgiven by the government if used for eligible expenses and with verification related to retaining employees and pay rates. Forgiveness is not automatic. Amounts not forgiven would be fully amortized over a term prescribed by the SBA.
1Loan 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).
- US Department of Treasury: https://home.treasury.gov/
- US Small Business Administration: https://www.sba.gov
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 Injury Disaster Loan (EIDL)
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.