The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has several provisions to provide relief for small businesses and individuals through these trying times. There are a number of provisions and benefits that we are waiting for final guidance from the respective government agencies. Rest assured, we are closely monitoring these programs.
First State Bank is ready and able to assist you as we navigate these programs. Here are some things you can do to be ready for when the final guidance is issued.
- Begin collecting your business’s last 12 months of payroll information to be ready to apply for the Payroll Protection Program. The “PPP” is a loan program with a loan forgiveness feature available for small businesses, non-profits, and independent contractors that need help maintaining their payroll through this time. Businesses can apply for funding of up to 2.5 times their average monthly payroll expense. Our understanding is that the loan proceeds used for payroll, mortgage interest, rent, and utilities through June 30,2020 will be forgiven. We will be happy to help you through the details of the program as more information becomes available. Please check out this quick guide from the US Chamber of Commerce outlining some of the details: http://1statebank.org/biz
- Check out the website: http://1statebank.org/relief to learn about the Economic Injury grants for $10,000 and the Economic Injury Disaster Loans. These funds are administered directly through the SBA and include loans terms up to 30 years to help you fund your expenses. Please note that farms and ranches are ineligible for this program. We are happy to help you if you have questions about any of these forms.
- If you currently have a loan with us that is in the U.S. Small Business Administration 7a program, we have a number of options to help find the relief you need during this time. Please, complete the form below to find out more.
For more information and to find out how First State Bank can help you, please complete the online form below. We will get back to you with next steps.