President Trump signed the Coronavirus Aid Relief and Economic Security Act (CARES) this past Friday. The CARES programs include assistance for small business owners including the Paycheck Protection Program (PPP) which provides cash-flow assistance to business through 100% SBA guaranteed loans. Please click here for a summary of the CARES Act as it pertains to small businesses and provides helpful information to help you navigate what options are available to you. Please continue to periodically check our website for updates. You can also visit the SBA’s website at SBA.gov for additional information. As always, do not hesitate to forward your inquiry to your commercial loan officer.

Paycheck Protection Program (PPP)

The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.

Update 4/3 – Please find the new PPP Application below for your reference. Instructions for completing the application on page 3 include detail for calculating payroll costs including eligible employees and maximum per employee compensation.  The application must either have an original signature or be signed electronically.  Please contact your Loan Officer or email commercial.lending@seamensbank.com and we will initiate a secure email to securely submit your confidential  supporting documentation that must accompany the application.  


Economic Injury Disaster Loans & Emergency Economic Injury Grants (EIDL)

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.


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