COVID-19 Relief for Business Owners
Building Better Lives for Everyone starts with small businesses in mind. Small businesses like yours are the heartbeat of our economy. We understand this is a difficult time and we are here to keep your businesses growing strong. With the newly enacted legislation that is the Coronavirus Aid, Relief, and Economic Security (CARES) Act comes the Paycheck Protection Program (PPP). The PPP is an extension of the Small Business Administration (SBA) 7(a) loan program, allowing Chickasaw Community Bank to provide loans to eligible businesses.
What We Know
The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and
- Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Download and complete the Paycheck Protection Program application.
Submit your application. You can email us your completed application at email@example.com.
*Please include the name of your loan officer or referral source in the subject of your email.
Paycheck Protection Program Provisions
- Eligibility: Businesses with less than 500 employees including 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations, and tribal businesses. You must have been in business prior to February 15, 2020. And you generally need to (or expect to) experience negative effects from COVID-19.
- Two-year full payout loan through the program have a 1.00% interest rate and have a six-month payment deferral.
- Loan Amount is 2.5x average monthly payroll costs over the prior 12 months for most businesses but may not exceed $10 million.
- No collateral or personal guarantee required.
- All or a portion of the loan may be forgiven.
This information is accurate as of April 2, 2020 and terms and conditions are subject to change. We are committed to keeping you informed as the SBA continues to issue their guidance. We will continue to update our page as more details become available.
Please consult with your legal counsel or CPA for financial advice and tax implications.