The latest Congressional response to the Pandemic included new lending authority for SBA lenders. The program is called Paycheck Protection Program. These are loans are for small businesses (under 500 employees) that maintain their payroll as well as for paying your business mortgage interest or rent and utilities. In many instances, these loans are fully or partially forgivable! The US Chamber of Commerce put together a guide and checklist.
These loans are only offered through SBA approved lenders NOT directly through the SBA. This is different than the Economic Injury Disaster Loans previously announced which are ONLY available directly from the SBA. Those loans are not forgivable but can be refinannced into the Paycheck Protection loans.
NTIB represents several lenders that are offering Paycheck Protections loans. We will assist you in gathering the required information and work with you through the application process.
Please contact us for more information, details and to apply.