COVID-19: Small Business Loan Resources

We are committed to helping you navigate the COVID-19 loan relief options.

The Paycheck Protection Program, part of the new CARES stimulus package, is a federal loan program aimed at helping small businesses who have been negatively impacted by COVID-19 and provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also potentially be used to pay interest on mortgages, rent, and certain utilities. We have carefully reviewed and pulled together the latest information from the most credible sources to share with you here. Visit our page often to stay up-to-date on recent developments.

Paycheck Protection Program (PPP)

PLEASE NOTE: The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP).  This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past felony convictions.   Please contact your Settlers bank lender if you’d like to apply with us or see below for more information about the PPP program.

The Paycheck Protection Program, part of the new CARES stimulus package, is a federal loan program aimed at helping small businesses who have been negatively impacted by COVID-19 and provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also potentially be used to pay interest on mortgages, rent, and certain utilities. The U.S. Small Business Administration has now provided final details and a final application to apply for the PPP loan. See below for the application and details. Please contact your Settlers bank lender with any questions you may have.

Under this program:

  • Eligible recipients may qualify for a loan up to $10 million based on payroll calculations as outlined by the U.S. SBA.
  • Loan payments will be deferred for  at least six months.
  • If you maintain your workforce, borrower can request that 100% of loan proceeds used to cover the first 8 weeks of payroll and certain other qualified expenses following loan origination are forgiven by the SBA.

Review the PPP Application (revised 6/12)

Learn More

Economic Injury Disaster Loans (EIDL)

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing difficulty stemming from the COVID-19 situation  at very favorable terms. Applicants to this program will have an opportunity for a $10,000 grant with a communicated turn-around time of three days. Applying directly with the government for the EIDL loan is convenient, streamlined and one-click away.

Apply Now

Borrower Resources

Paycheck Protection Program (PPP)

PPP Loan Forgiveness Application and Instructions (Form 3508) from the U.S. Small Business Administration (SBA)

PPP EZ Loan Forgiveness Application from the U.S. Department of the Treasury
IMPORTANT: The SBA has not provided application submission information. Please do not submit your application to us at this time.

PPP EZ Loan Forgiveness Application Instructions from the U.S. Department of the Treasury

PPP Forgiveness FAQs (updated 8/11) from the U.S. Small Business Administration (SBA)

FAQs from the U.S. Department of the Treasury

Interim Final Rule (8/25) from the U.S. Small Business Administration (SBA)

Interim Final Rule (6/16) from the Department of the Treasury

Economic Injury Disaster Loans (EIDL)

Interim Final Rule (6/23) from the Department of the Treasury

Application from the Small Business Administration (SBA)

General Information from the Small Business Administration (SBA)

EIDL Advance

 

 

 

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