We’re committed to you. We understand the impact that the current coronavirus (COVID-19) pandemic has had on individuals and businesses within our community and around the world. As a preferred SBA lender, we have provided almost $80 million to our business customers. We helped them maintain or employ over 5,000 employees as part of the Paycheck Protection Program.
The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act provides emergency relief to small and medium sized businesses who have been impacted by COVID-19 through emergency grants and loans. The main component of the CARES Act is the Paycheck Protection Program, which allows financial institutions to provide loans up to $10 million to businesses and eligible nonprofits with less than 500 employees. All or some of the loans may be forgivable based on the criteria provided in the CARES Act. This program is designed to help keep workers on payroll and continue economic activity across the United States.
The SBA has released initial guidelines for PPP loan customers who would like to apply for full or partial loan forgiveness. More guidelines will be released in the coming weeks.
At this time, we are not accepting loan forgiveness applications, however we encourage you to visit the SBA’s website to confirm your eligibility for loan forgiveness, as well as prepare documentation that will be needed to apply.
We will continue to update this page as more guidelines are released. We expect the loan forgiveness application portal to be available around June 15, 2020. Please check back for updates.
If you have any questions, please contact your Loan Officer by calling 1-800-939-9103.
We thank you for your business and wish you good health and wellness.