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Emergency Small Business Relief updated 3-31-2020

EMERGENCY SMALL BUSINESS RELIEF

View printable document – EMERGENCY SMALL BUSINESS RELIEF updated

Coronavirus Aid, Relief, & Economic Security Act (CARES Act)

On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), aimed at providing financial relief to the American people and American businesses in response to the economic fallout from the fast-developing Coronavirus (COVID-19) pandemic. The measure provides direct financial aid to American families, payroll and operating expense support for small businesses, and loan assistance for distressed industries.

One of the core pieces of the CARES Act is the provision of $349 billion for small businesses through federally backed loans under a modified and expanded Small Business Administration (SBA) 7(a) loan guaranty program called the Paycheck Protection Program. Congress has designed the program to make funds available to qualifying businesses quickly through approved banks and nonbank lenders.

  • CARES Act:

https://www.congress.gov/bill/116th-congress/senate-bill/3548/text

WHERE TO APPLY:

ALL FDIC Certified Banks will have Applications. Go to your bank where you personally bank to apply for CARES Act Application.

* See Bank Regulators Promote Loan Modifications by Easing Certain Reporting Requirements:

https://www.venable.com/insights/publications/2020/03/bank-regulators-promote-loan-modifications

FDIC Certified Banks in the Rockport-Fulton Area

  • CHARTER BANK: (361) 790-7676
  • PROSPERITY BANK: (361) 729-7411
  • FIRST COMMUNITY BANK: (361) 729-9310
  • WELLS FARGO BANK: (361) 729-5411
  • AMERICAN BANK: (361) 727-9944
  • IBC: (361) 729-0500

 

updated 3-31-2020