As health and government officials work together to maintain the safety, security and health of the American people, small businesses are encouraged to do their part to keep employees, customers and themselves safe.
The recently passed stimulus bill offers assistance for businesses with less than 500 employees who have been hurt by the virus. As a SBA lender, Austin Bank can assist you with the offered programs described below. (Additional programs may be available. Visit the SBA website for more details.)
Paycheck Protection Program:
This program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and other certain expenses. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities. Up to 100% of the loan is forgivable.
** This is not a complete list of requirements or calculations. **
Please check the Small Business Administration website for complete details and all information.
** All information is pending further approval and is subject to SBA guidelines. **