CARES Act Loan Programs
We are here to help you during the COVID-19 crisisCBB Bank remains committed to fulfilling its mission of providing professional services to you in this unprecedent time. Recently, the Paycheck Protection Program (PPP), part of the CARES Act, has been passed to provide capital to small businesses to help them meet their short-term ongoing expenses, including payroll costs and other costs as specified in the statute. PPP borrowers will not be required to repay the portion of the loan that is used for the purposes specifically allowed by the statute (Loan Forgiveness). Loan funds used for purposes not included in the statute must be repaid.
The U.S. Small Business Administration (SBA) also offers an Economic Injury Disaster Loan (EIDL) to small business owners and it can be applied directly through the SBA: https://www.sba.gov/funding-programs/disaster-assistance
While we're still waiting (as of 4/2/2020) for written guidance from SBA on how to process the new program, please see below comparison table which highlights on two emergency loans.
CARE Act product name | Paycheck Protection Program (PPP) |
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Eligibility |
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Amounts Forgiven |
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Uses |
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Amount |
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Other Terms |
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Resources | |
Forgiveness Application | |
Direct Forgiveness Portal (Loan Amount $150,000 or less) |
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Other Resources |
CARE Act product name | Economic Injury Disaster Loan (EIDL) |
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Eligibility |
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Uses |
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Amount |
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Other Terms |
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Resources |
If you have any questions, please call us at (213) 471-4340.