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CARES Act Loan Programs

We are here to help you during the COVID-19 crisis

*** The following information is provided for information purposes only. The U.S. Small Business Administration (SBA) has not (as of 04/02/20) issued the official procedural notices or detailed information on the Paycheck Protection Program (PPP). The information stated below has not been officially confirmed by the U.S. SBA. The information is subject to changes. ***

CBB 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.

Paycheck Protection Program (PPP)
Eligibility
  • A small business, non-profit, Veterans Organizations, tribal concerns with 500 or less employees
  • A small business that otherwise meets the SBA's size standard
  • Business must have been in operation as of February 15, 2020
  • Other exceptions or changes may apply
Amounts Forgiven
  • Amounts used to pay payroll costs during certain period may be forgiven by SBA.
    Details of loan forgiveness to follow
Uses
  • Payroll
  • Mortgage Interest
  • Rent
  • Utilities
Amount
  • Up to 2.5x average monthly payroll cost, maximum of $10 million
  • Maximum per employee annual payroll cost is $100,000
Other Terms
  • Interest Rate: 1%
  • Loan term: 2 years
  • No collateral, no personal guarantees, no fees payable to SBA or bank
Resources
Forgiveness Application
Other Resources

Economic Injury Disaster Loan (EIDL)
Eligibility
  • All businesses that were in operation as of February 15, 2020 and was affected by the COVID-19.
    Please check SBA's website for eligibility
Uses
  • Working capital
  • Fixed debts
  • Payroll
  • Accounts Payable
  • Other bills that have been paid due to the disaster's impact
  • NOT intended to replace lost sale/profits or for expansion
Amount
  • Up to $2 million
Other Terms
  • Interest Rate: 3.75% for small business; 2.75% for nonprofit organization
  • Loan term: Up to 30 years
  • Collateral may be required for loans over $25,000
Resources

If you have any questions, please call us at (213) 471-4340.