An additional $284 Billion was allocated by the recently passed Economic Aid Act to help small businesses keep workers employed and operations open while the nation continues to struggle with the impacts of 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, customers who did not apply in the First Draw program can now apply under the terms of the original program. Additionally, customers who had a First Draw loan can re-apply for a Second Draw loan. Applicants can apply for a loan that is 2.5 times your average monthly payroll costs, or 3.5 times for eligible food service businesses. To be forgivable, customers must be able to show that the funds were used for payroll costs, interest on mortgage obligations, rent, utilities and other newly eligible categories of costs for an 8 to 24 week period following the origination of the loan. More information can be found in the links below, or by contacting one of our lenders.