small business

Small Business Resources

  

Small Business Loans & Covid-19

On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act created the Paycheck Protection Program (PPP). Under this program, Patriot Bank may offer small businesses relief in the form of loans guaranteed by the Small Business Administration (SBA).

Beginning April 3, 2020, the SBA began providing loans to help small businesses maintain payroll during the COVID-19 pandemic. Funds are now available in the form of business loans to cover payroll costs, interest on mortgages, rent, and utilities where at least 75% of the loan amount is used for payroll.

Neither the government nor the bank will charge fees to customers for these loans.  Plus, a portion of each loan balance may be forgivable.  Generally, forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

For the most up-to-date information from the Treasury Department about the program, including instructions and application forms, please see the following links:

Information & Guidance for Borrowers:   Paycheck Protection Program Fact Sheet     

Application Forms:                                             Paycheck Protection Program Application 

For More Information:                                      Assistance for Small Business    

Economic Injury Disaster Loans

In addition to the new Paycheck Protection Program outlined in the CARES Act, you may also be interested in an existing SBA loan program known as “EIDL” or Economic Injury Disaster Loans. You may apply for EIDL loans directly through the SBA as this program is already in place and active. 

Assistance with SBA Loans

Please call (901) 475-3252 to speak with a Patriot Bank loan officer if you have questions.