The Paycheck Protection Program is a loan program created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is designed to provide support for small businesses to be able to keep their workers on the payroll during this uncertain time.
Other program benefits include:
- A maturity of 2 years and an interest rate of 1.00%.
- Loan Payments will be deferred for six months
- No Collateral or personal guarantees are required
- TSB will not charge you any application fees to apply for this program, nor will the government
SBA will forgive loans if all employees are kept on the payroll for eight weeks and if the borrowed money is used for payroll, rent, mortgage interest, or utilities.
Who is Eligible to Apply?
This program is available for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Additionally, businesses in certain industries may quality if they have more than 500 employees if they meet the SBA’s size standards for those industries. Contact us to see if that might apply for your business.
Also, small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible. Contact us for more details so we can help you determine if that might apply for your business.
How to Apply
IMPORTANT UPDATE 4.24.20 Additional funds have been approved and TSB is here to help you apply for the Payment Protection Program. Email* our Commercial Lending team at CommercialLending@TorringtonSavings.Bank to see how you can apply for PPP.
*Please note that email is not a secure form of communication. Only your name, contact information and the nature of your request should be included. Do not include any confidential or sensitive information in an email (account numbers, social security numbers, etc.)
For additional information from the SBA and others about the special lending programs being created as a response to COVID-19,
you may want to review materials provided by these trusted sources: