SBA - Paycheck Protection Program (PPP) by Golden Bank

If your business has been impacted by COVID-19, the CARES Act's SBA Paycheck Protection Program can help you through this challenging time.

The Paycheck Protection Program (PPP) of the U.S. Small Business Administration is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.  The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits.  Funds can also be used to pay interest on mortgages, rent, and utilities. You can find additional information about the program at the U.S. Small Business Administration website.

 

 Brief PPP Loan Information:

  •  Eligible Businesses:
    • All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Loan Amount:
    • There is a cap of $10 million dollars per business for this loan.
  • Loan Forgiveness:
    • If proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that at least 75% of the forgiven amount must have been used for payroll).  Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
  • When to Apply:

    • Starting April 3, 2020, small businesses and sole proprietorships can apply.  Starting April 10, 2020, independent contractors and self-employed individuals can apply.  We encourage you to apply as quickly as you can because there is funding cap.

 

How to Apply

Due to extremely high demand for PPP loans, we are not accepting new applications at this time.  We apologize for any inconvenience.


 

 

Economic Injury Disaster Loan (EIDL)

For resources and information about disaster assistance, visit the SBA Disaster assistance page.  To apply for EIDL, click here.