Attention Business Owners In This Uncertain Time: RELIEF IS ON THE WAY!
CONGRESS HAS APPROVED CORONA VIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT
GET RELIEF TODAY!
Now Accepting CARES Act Applications
This stimulus package includes provisions to help small businesses and CFBank is your guide.
We’ve got an entire team focused on helping community businesses tap into the relief programs available through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. One such program is the new Paycheck Protection Program (PPP) that allows certain businesses to access SBA funds to support their cash flow. Our team continues to reach out to local businesses as quickly as possible, but you are urged NOT TO WAIT to get your place in line for these funds.
The Paycheck Protection Program creates a type of emergency loan that can be forgiven when used to maintain payroll through June and expands the network beyond SBA so that more banks, credit unions and lenders can issue those loans. The basic purpose is to incentivize small businesses to not lay off workers and to rehire laid-off workers that lost jobs due to COVID-19 disruptions.
What type of businesses are eligible?
Small businesses with fewer than 500 employees, select types of businesses with fewer than 1,500 employees, 501(c)(3) non-profits with fewer than 500 workers and some 501(c)(19) veteran organizations. Additionally, the self-employed, sole proprietors, and freelance and gig economy workers are also eligible to apply. Businesses, even without a personal guarantee or collateral, can get a loan as long as they were operational on February 15, 2020.
Can these loans be forgiven?
Yes, small businesses that take out these loans can get some or all of their loans forgiven. Generally speaking, as long as employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments and utility payments can be combined and that portion of the loan will be forgiven.