The SBA Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The program was passed into legislation on March 27, 2020 as part of the CARES Act to help businesses that have been impacted by COVID-19. We have identified some resources to learn more:  US Chamber of Commerce, US Senate Committee on Small Business & Entrepreneurship. 

Who the Paycheck Protection Program is for: Any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Questions – please contact us to assist you. We’re here to help! See the SBA website for additional business qualifications.*

What are some key features:  

• Loan amounts up to 2.5x average covered monthly payroll and selected overhead expenses, not to exceed $10 million
• No fees
• No prepayment penalties
• No business collateral or personal guarantee required
• Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered eight-week period after origination
• Payments may be deferred for up to six months 

How to apply: Please contact one of our business lenders or call us at 701-293-2400 or 800-423-3344 for more information on how to apply.