Update as of August 10, 2020
Paycheck Protection Program Expires
The Coronavirus Aid, Relief and Economic Security (CARES) Act approved on March 27, 2020 provided $349 billion in loans to small businesses. An additional $320 billion was approved on April 24, 2020. As part of the CARES Act, federally insured banks, like us, have been approved by the SBA to make these loans available to our local small businesses. The Paycheck Protection Program is administered through the SBA to provide low-interest loans to cover expenses that small businesses face on a monthly basis (payroll, interest on mortgages, rent, utilities, etc.).
According to guidelines set by the SBA, you can apply for the PPP loan if you are a small business with less than 500 employees (which includes sole proprietors, independent contractors and self-employed persons), private non-profit organization or a 501(c)(19) veterans organization who has been affected by the Coronavirus.
In accordance with PPP rules, the loan may be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities during the covered period; loan payments will be deferred; and, no collateral, personal guarantees or fees will apply.
Visit the U.S. Treasury website to learn more about the PPP and review the helpful resources provided for borrowers.
SBA and Treasury Release PPP Loan Data
The SBA and U. S. Treasury (Treasury) announced the release of certain information about PPP borrowers and lenders. The decision to publish PPP borrower and loan information is a result of actions from Congress and the SBA and Treasury, which oversee and administer the PPP and are responsible for the program’s implementation, terms, and conditions. This data was not released by Shore United Bank.