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Business Loans

Whether it’s an unexpected expense or you need a loan for a long-term project, we’re here with the money and support you need to be successful.

SBA Paycheck Protection Program

The Small Business Administration and U.S. Treasury continue to update the Interim Final Rules for the Paycheck Protection Program (PPP). We would like to highlight the following guidelines included in the revisions released on June 26th, 2020.

  • The covered period has been extended from 8 weeks to 24 weeks. Borrowers that received PPP loans before June 5th, 2020, can elect to use the original 8-week covered period if desired.
  • The minimum portion of the PPP loan proceeds that must be used for payroll costs to be eligible for full loan forgiveness has been decreased from 75% to 60%.
  • The date for borrowers to eliminate any reductions in fulltime equivalent employees without effecting loan forgiveness has changed from June 30th, 2020, to December 31st, 2020.

We continue to receive new guidance from the Small Business Administration regarding this program. At this time, we recommend referring to the U.S. Treasury website for the most up to date information available.

In the coming weeks, we will post a link to our SBA Paycheck Protection Program Forgiveness Application on this page. Please continue to check-in here for updates.

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