Posts Tagged ‘ Paycheck Protection Program ’

CARES Act Loans Program Update

Citizens Bank Minnesota continues to process Paycheck Protection Program (PPP) loans for those businesses that qualify and have not yet taken advantage of the program. So far Citizens has helped over 250 businesses with PPP loans to help their employees. Click HERE to visit our website for additional information on applying.

Also, the Small Business Association’s (SBA) Economic Injury Disaster Loan (EIDL) has re-opened, with funds currently available only to agriculture businesses with 500 employees or less.

Those interested may apply for a loan of up to $2 million, and at the end of the application form, applicants can request an advance of up to $10,000 ($1,000 per employee). The advance will be provided just days after the application has been submitted. The advance amount received doesn’t have to be repaid, even if you ultimately don’t qualify or decide to withdraw your EIDL application.

One important note is the amount of any EIDL advance received will be subtracted from the forgivable portion of PPP funds provided to the same applicant.
Unlike applying for the Paycheck Protection Program (PPP), which requires applicants to work with their lender, clients must directly apply for an EIDL through the SBA.To learn more or apply for an EIDL, visit the SBA website at: sba.gov/disaster .

CARES Act – SBA Loan Assistance Information

**Please Note: The PPP application was updated late on 4-2-20. The updated link to the application, as well as an updated documentation link is listed below.

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. The CARES Act Loan Guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of the SBA.

How can we help?

Paycheck Protection Program

Citizens Bank Minnesota will be processing and approving your Paycheck Protection Program (PPP) applications. To be efficient, we will be accepting applications and documentation HERE.

Important Links:

**PPP Application – There were changes made to the application on 4-2-20. Updated link is listed below.

Application

Documentation List – If you have submitted these items to Citizens Bank Minnesota previously, we will provide them for you. If you have not submitted them to Citizens Bank Minnesota, they are required to complete the application.

Calculator

Regulations for the Payroll Protection Program

All PPP forms available HERE.

Economic Injury Disaster Loan and Grant

To apply for the Economic Injury Disaster Loan and the Emergency Economic Injury Grant, the application can be found at: https://covid19relief.sba.gov/ (This application does NOT go through Citizens Bank Minnesota.)

Here is a list of documents that you will need to provide to complete the application:

If you would like, we can send you the documents in a secure email.
For the fastest help with the application, watch the training, download the slide deck, or access these step-by-step instructions.

Let us know if you have any questions – we are here for you!
Citizens Bank Minnesota Lending Team

Questions? Please give us a call at 800-549-0194.

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