We've been an active participant in SBA lending for years and are relied on as a resource for much needed funding during these uncertain times.
The CARES Act has been signed into law by President Trump and you can find the highlights below, along with other helpful links.
Paycheck Protection Program
While funding for the PPP has ended for now, the Bank is now accepting applications to be prepared to provide even more opportunities when offered again by the SBA, which could be as soon as this week.
With an overwhelming response, CNB Bank, including FCBank, approved over 1,000 applications for $177 million in assistance to business customers. FCBank alone processed over 100 applications for over $25 million. FCBank estimates that assistance was provided to employers to protect over 3,500 jobs in our communities.
The original $349 billion authorized for Paycheck Protection Program loans was exhausted as of April 16, 2020, and the SBA has discontinued accepting applications for PPP loans, for the time being. Any loan applications that have received an SBA authorization number will receive an SBA guaranty. And, the Bank is now accepting applications to be prepared to provide even more opportunities when offered again by the SBA, which could be as soon as this week.
Learn more from the SBA
Economic Injury Disaster Loans and Loan Advance
Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
- Loans up to $2 million
- 30 year terms with fixed interest rates of 3.75% and will include a one year payment deferral
- Funds can be used for working capital, payroll, A/P, insurance, utilities, and short-term debt
- Borrowers would apply directly on the SBA website Keeping Workers Paid & Employment Act
- SBA 7(a) Loans with 100% guarantees
- Up to $10 million in loans for SBA eligible borrowers and non-profits
$2 million in loans for the Economic Disaster (can’t do both) no loan forgiveness
- Process for loan forgiveness based on keeping people working
- Waived borrower and lender guarantee fees