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CARES Act

On March 27, 2020 _ Trump signed into law, Coronavirus Aid, Relief, and Security Act (CARES Act) _ two key programs, the Protection Program (PPP) and Economic Injury Disaster Loan (_).
 
Another provision of the Act, the Small Business _ Relief Program, provides immediate _ to small businesses with __ non-disaster Small Business Administration () loans administered under Section 7(_) of the Small Business .
 
Additionally, the federal government __ offering aid to eligible in the form of impact payments, also known __ stimulus payments. 
 
On December 27, 2020, _ Trump signed the Economic to Hard-Hit Small Businesses, , and Venues Act (Economic Act) into law, a $900 billion bipartisan coronavirus relief __. The Economic Aid Act new funding for the Protection Program, Economic Impact and several other provisions, __ noted in the applicable below.
 

Paycheck Protection Program (PPP)

The Paycheck Protection Program _ millions of Americans employed __ small businesses and self-employed _ by authorizing approximately $660 __ toward job retention and __ other expenses. It provided _-_ assistance through a 100% _ guaranteed/unsecured loan to maintain __ costs. Additionally, President Trump _ into law the Paycheck Program Flexibility Act on _ 5, 2020. This act __ the amount of loan _ for payroll to 60%, the time period to funds from 8 to 24 weeks, pushed the June 30 rehire deadline to December 31, 2020 and eased rehire __.&_;


The Economic Aid Act _ into law on December 27, 2020 includes updated guidance the PPP, authorizing up __ $284 billion toward job _ and certain other expenses __ March 31, 2021, and __ allowing certain existing PPP _ to apply for a _ Draw PPP Loan.

Learn more on the for each type of __ with the following SBA _:

As of May 4, 2021, the SBA has announced _ the PPP funding has _ exhausted. With this news, __ are no longer accepting __.


PPP Forgiveness

We are proud to _ helped our customers through PPP application process with first round of funding now have a seamless __ to assist customers through forgiveness phase. You can _ an introduction to our __, additional forgiveness details, requirements a list of helpful _ by following the button .

Learn More about PPP _ Forgiveness

Loan programs details are __ to change as prescribed __ the US Department of and/or SBA.

Looking for more information?

Refer to the following and information regarding the Act and the Paycheck Program (PPP). 

As you will find __ the Treasury’s document,   PAYCHECK PROTECTION PROGRAM (PPP) _ SHEET: BORROWERS , you will need __ provide your lender with __ documentation in addition to application.

Additional detail will be and additional information may __ required based on SBA _ regulations for the PPP _ process.

Economic Impact Payments (Stimulus )&_;

 
To find complete information the payments, please visit IRS.gov/coronavirus/economic-impact-payment-information-center .

Economic Injury Disaster Loan (_)

While the Economic Injury Loans are typically provided __ low interest rates to _ businesses and homeowners recover _ declared disasters, such as or floods, the SBA this program to address current COVID-19 pandemic. In , the SBA will automatically payments on all existing loans until December 31, 2020 to further assist small at this time.
 
EIDLs are loans originated funded directly by the without the involvement of and the maximum loan is $2,000,000. These loans __ satisfactory credit history, ability __ repay underwriting, personal guarantees _ owners, and collateral in _ circumstances.
 
The bill signed by _ Trump on December 27, 2020 repealed a CARES Act _ that required PPP borrowers __ deduct the amount of Economic Injury Disaster Loan __ from their PPP forgiveness _. The SBA is expected __ issue rules to ensure _ borrowers are made whole __ they already received forgiveness the EIDL advance was from that amount.
 
To apply for an _, which must be done with the SBA, please __ to www.sba.gov  

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SBA Debt Relief Program

The SBA Debt Relief __ will provide immediate relief __ small businesses with non-disaster loans to help overcome hardships the COVID-19 Pandemic caused. With this Program, SBA will automatically pay principal, interest, and fees __ current 7(a) and microloans a period of six _. This relief will also __ available to new borrowers take out loans within months of the President __ the bill into law. _ contact your Banker if are a current SBA for more details.
 

Stock image of a small business owner applying for a loan

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1 All loans subject to per SBA guidelines.

2 After processing your application, __ will notify you of loan decision. If we _ approve your application, you request a statement of reasons why your application denied. Please contact us __, Attn: SBA PPP, 225 _. Main Avenue, Sioux Falls, __ 57110, or at, Email: info@gwb-online.com _ 60 days of notification. __ will provide you with _ statement of the specific __ for our action within 30 days after receiving your __.

The Federal Equal Credit _ Act prohibits creditors from _ against credit applicants on basis of race, color, , national origin, sex, marital _, age (provided that the _ has the capacity to into a binding contract); __ all or part of applicant's income derives from public assistance program; or __ the applicant has in _ faith exercised any right the Consumer Credit Protection . The federal agency that _ compliance with this law this creditor is: Bureau __ Consumer Financial Protection, 1700 _ Street NW, Washington, DC 20006.

 

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