On Friday, March 27th, the Coronavirus Aid, Relief and Economic Security Act (CARES) was passed. This Act allocates $350 billion in emergency loans to help eligible small businesses who have been affected by the COVID-19 pandemic. Specifically, the Paycheck Protection Program (PPP) provides 100% federally guaranteed loans to eligible employers who maintain their payroll during this emergency. This program will be funded through the Small Business Administration (SBA) and administered by financial institutions. First Volunteer Bank will be participating in this program.
The SBA is finalizing guidance and working with the banking industry to develop applications, policies, and procedures. The details will be finalized very soon. Because it is important for you to have all the information you need to make an informed decision for your business, below is a resource link that explains the CARES Act programs in more detail. Please stay in contact with your banker to hear more about the Paycheck Protection Program (PPP) in the days ahead.
Stay safe and please let us know if we can be of assistance.
