SBA PAYCHECK PROTECTION PROGRAM
As a Preferred SBA Lender, Heritage Bank offers
Paycheck Protection loans through the CARES Stimulus Package
The nationwide demand for Paycheck Protection Program loans will exceed the authorized amount approved by Congress. Unfortunately, with the significant volume, not all applications will be approved and funded by the SBA.
Complete and verified applications will be submitted to the SBA as they are received. By accepting your application, we are not making any representation or commitment that it will be approved and funded by the SBA.
Please understand that submitting an application through this portal does not guarantee successful funding by the SBA.
Here is a summary of this program:
In total, the provision puts forward around $310 billion to be used to assist small businesses and allows you to keep your employees on the payroll.
- Small businesses, nonprofits, tribal businesses, and veterans’ associations that have less than 500 employees and have been negatively affected by the pandemic may be eligible for these loans.
- Loans through the program have a 1.00% interest rate and have a six month payment deferral.
- Loan recipients may be eligible for loan forgiveness
- Business must be operational as of Feb. 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor.
- Loan amounts up to $10 million
- Two-year full payout loan and payments may be deferred for six months
- Unsecured and no personal guarantee
- Borrowers cannot apply for any other programs through the SBA for the same purpose
- Available to eligible current customers AND non-current customers of Heritage Bank
These loans are intended to assist struggling small businesses across the country. The money can be used for payroll, rent, utility or mortgage expenses as well as interest costs on other debt obligations incurred before Feb. 15, 2020.
You may have also heard about the Economic Injury Disaster Loans (EIDL) from SBA. This is a low-interest loan program providing assistance to cover working capital obligations. Contact us to find out more about this and other programs!
Through our initiative of #riseupwithHeritage, ask us about additional support with new products and services to help our customers and communities.