EMERGENCY LOANS FOR BUSINESSES
During these uncertain times, the impacts to businesses due to Coronavirus or COVID-19 are prevalent. As a community bank, and your financial partner in business, we want to help provide you with the resources that are currently known and available.
Struggling to get started?
The following Questions might help point you in the right direction. Do you need:
Capital to cover the cost of retaining employees?
A quick infusion of a smaller amount of cash to cover you right now?
To ease fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated funds to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.
Is your Business Eligible?
You are eligible if you are:
- A small business with fewer than 500 employees
- A small business that otherwise meets the SBA’s size standard
- A 501(c)(3) with fewer than 500 employees
- An individual who operates as a sole proprietor
- An individual who operates as an independent contractor
- An individual who is self-employed who regularly carries on any trade or business
- A Tribal business concern that meets the SBA size standard
- A 501(c)(19) Veterans Organization that meets the SBA size standard
In addition, some special rules may make you eligible:
- If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
- If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply
State Bank & Trust Co. is an SBA-approved lender, eligible entities can obtain the application and begin the process of working with a State Bank & Trust lender.