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Dear Valued Client:
The Coronavirus Aid Relief and Economic Security Act (CARES Act) was signed into law providing much-needed economic relief. For small businesses, the stimulus comes at a time when owners are struggling to keep their doors open and having to make tough decisions about their workforce.
The SBA's Paycheck Protection Program is designed to help businesses meet their payroll and other financial needs by providing businesses with loans of up to $10 million to be used for payroll, mortgage, rent, health benefits, and other expenses. Generally, businesses with fewer than 500 employees are eligible, and the program includes criteria for potential loan forgiveness of up to 100% of the loan. The SBA has also expanded a number of their existing programs, including the Economic Injury Disaster Loan program.
In these unprecedented times, we reflect on the well-being of all. The pandemic has changed the way we go about our everyday lives and left us to adapt to new ways of conducting business. With a focus on coronavirus/COVID-19 and in conformance with the "Stay-At-Home" order, Manufacturers Bank has deployed a significant number of employees to work remotely. The order provides unique challenges and we are working diligently to adapt to this situation to accommodate as many customer applications as possible.
Manufacturers Bank is committed to ensuring that the program works as expected and that all of the operational complexities and process challenges are resolved so we can achieve Congress's goal of helping America's small businesses.
Preparing to benefit from the Paycheck Protection Program
As the details are finalized for implementing the Paycheck Protection Program , Manufacturers Bank is actively working with the SBA and monitoring all updates. We continue to check in daily with the SBA and will provide more information about how to apply over the next few days.
While we await further guidance, we recommend that you begin gathering the following documentation that will help you apply for the Paycheck Protection Program:
As a SBA Preferred Lender, Manufacturers Bank continues to monitor the evolution of the CARES Act and how we can best support it by assisting our customers. For additional information, please contact www.SBA.gov, the Coronavirus (COVID-19) Small Business Guidance & Loan Resources site, or your relationship manager.
SBA Paycheck Protection Program Frequently Asked Questions
Q: Where can I apply?
A: Apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Visit www.SBA.gov for a list of SBA lenders.
Q: Who can apply?
A: All businesses – including nonprofits, veteran's organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
Q: Are these loans guaranteed by the SBA?
Q: Are there guarantee fees?
A: Yes. The SBA waives all SBA guaranty fees, including the upfront and annual servicing fees. Loan fees are paid by the SBA.
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