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CARES Act: Paycheck Protection Program

Additional funds have been allocated under the Paycheck Protection Program (PPP) by Congress and the Small Business Administration is accepting PPP loan applications on Monday, April 27. Since the initial funds were depleted on April 16, we have continued to review the submitted applications in anticipation of the additional funding. If you've already submitted a PPP application with Security Savings Bank, there's no need to reapply and we'll provide you with an update on your application as soon as possible.

The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

You can download the Factsheet with more information from the Treasury Department here.

Coronavirus Emergency Loans Small Business Guide and Checklist.

As an SBA preferred lender, Security Savings Bank is ready to participate in this loan program. 

An application packet can be found here.

 

If you have any questions or are interested in learning more,
please feel free to reach out to one of our loan officers at Security Savings Bank.