CARES Act (Paycheck Protection Program) Assistance for Small Businesses
The Small Business Administration (SBA) has received approval for a second round of funding under the Paycheck Protection Program.
Many banks, including North American Banking Company, have applications remaining from the first round of funding that are now complete and ready to go to the SBA. As a result, we also anticipate that this second round of funding will be exhausted very quickly.
North American Banking Company cannot guarantee approval from any new applicants before round two funding is exhausted.
Existing customers of the bank who wish to pursue a PPP loan are asked to contact firstname.lastname@example.org.
Latest Guidance from the Small Business Adminstration
The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses can apply for. Click here to view the latest information provided by the SBA.
Contact one of our business bankers to learn more about the CARES Act and how it can help your small or mid-sized business during the COVID-19 crisis.