The CARES Act recently passed by the Federal Government allocated $350 Billion to help small businesses keep workers employed while the nation struggles to deal with the Coronavirus Pandemic. As a Small Business Association (SBA) approved Bank, you can originate these potentially forgivable Paycheck Protection Program loans through Town & Country Bank.
In general, you can apply for a loan that is 2.5 times your average monthly payroll costs during the 2019 year. To be forgivable, you must be able to show that the funds were used for payroll costs, interest on mortgage obligations, rent and utilities for an 8 week period following the origination of this loan. You must also maintain staffing, not reduce salaries and other details outlined in the SBA instructions. More information can be found in the links below, or by contacting one of our lenders.
Funding is limited so the SBA recommends that you apply early.
Please contact us with any questions that you have or to apply.