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SBA Options for Business Impacted by COVID-19

Our lending staff at First Southern Bank will be able to offer the Paycheck Protection Program Loan (PPPL) as soon as we have the final rules from the SBA. We hope to have this information  during the week of April 6. We will be updating this page as information is made available. 
What is it?
  • The PPPL was created with the passage of the CARES Act and it allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.
  • The initiative provides 100% federally guaranteed loans to small businesses.
  • These loans¬†may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Am I Eligible? You are eligible if you are:
  • A small business with fewer than 500 employees (this includes full-time, part-time, and any other status)
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
How much can I borrow?.
  • Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million
What are the terms?
  • Maximum interest rate of 4%
  • No prepayment penalty
  • No personal guarantees or collateral required
  • Payments are deferred for 6 – 12 months after funding
  • No Loan Fees
  • Maximum term of 10 years for amounts not forgiven
What can the funds be used for?
  • Payroll costs
  • Interest payments on pre-existing debt
  • Payments on Utilities
  • Rent Payments
  • Mortgage Interest Payments

 

 

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