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May 1, 2020

What You Need to Know About the SBA Paycheck Protection Program

Extended stay-at-home orders are causing restrictions and closures on small businesses that can seem to be overwhelming. To continue their daily operations and keep their staff employed, many small business owners are turning to loans, debt relief programs and the Paycheck Protection Program (PPP) loans funded by the Small Business Administration (SBA).

What is the SBA?

The Small Business Administration is a government agency established to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. Since 1953, the SBA has worked to help small business owners and entrepreneurs pursue the American dream.

What is the PPP?

The Paycheck Protection Program Loan was created by the SBA to help small businesses continue to operate and keep their employees on payroll. These loans will be forgiven as long as the business retains employees for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. A small business owner can access and apply for these loans through any existing SBA 7(a) lender or through any federally insured depository institution or federally insured credit union that is participating. Upon approval and enrollment, other regulated lenders will be available to make these loans, as well.

Can I apply for the PPP Loan?

Yes, you can! As of April 27, 2020, the SBA resumed accepting applications and will continue as funding allows. Citizens First Bank is an approved lender for the SBA Paycheck Protection Program and would love to help your business during these unprecedented times. Please contact your local branch to see how your business can get funding.

If you currently have a loan with the SBA you may also qualify for debt relief in the form of deferment. For more current information please visit the SBA website at: or call your local branch to speak with a personal banker. We’re here to help.