UPDATE AS OF APRIL 24, 2020:
House Passes Bill for Additional Paycheck Protection Program Funds
The original bill passed on March 27, which authorized $349 billion for the Paycheck Protection Program (PPP) loans, was quickly exhausted. With more businesses in need, Congress quickly approved an additional $310 billion in funding for PPP loans. We continue to accept new applications. When permitted to do so, we will submit approved applications to the U.S. Small Business Administration (SBA) until the additional funds are exhausted. We will continue to monitor the situation and provide updates to our website. Thank you!
The federal government recently approved the Coronavirus Aid, Relief and Economic Security (CARES) Act on March 27, 2020 to provide $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.
- Small businesses and sole proprietors who have payroll paid employees can apply for the loan beginning April 3, 2020.
- Independent contractors, self-employed individuals and sole proprietors that do not have payroll paid employees can apply for the loan beginning April 10, 2020.
The loan may be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities. Loan payments will also be deferred for six months. No collateral, personal guarantees or fees will apply for this loan.
We recommend you visit the U.S. Treasury website and review the helpful resources provided for borrowers interested in the program.
To apply for assistance through us, borrower must have an existing Shore United Bank deposit or loan relationship. As a community bank, we want to help small businesses in need and will process new relationships when existing customer applications are complete.
How much can I borrow?
- Small businesses who have payroll paid employees- calculator click here
- Self-employed and sole proprietors with employees- calculator click here
- Self-employed and sole proprietors without employees- calculator click here
Small businesses who have payroll paid employees: apply here
Independent contractors, self-employed individuals, and sole proprietors: apply here
After you've completed the application and gathered your required documents, contact your Relationship Manager or call 877-758-1600 to speak to a member of our lending team to submit your completed application and required documents.