Citizens Business Bank is a Small Business Administration (SBA) preferred lender, and our SBA Group is committed to helping your small business apply for economic relief. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is intended to provide emergency economic assistance for businesses that are impacted by COVID-19.
Program 7a (PPP)
|Economic Injury Disaster Loan 7b (EIDL)|
|Where Do I Apply?||At your Business Financial Center||No bank involvement in application process. Apply directly online at sba.gov/disaster|
|When Can I Apply?||
April 3, 2020
Small businesses and sole proprietorships
April 10, 2020
Independent contractors and self-employed
|You can apply for this loan today|
|Maximum Loan Amount||Up to $10 million||Up to $2 million, plus $10,000 grant|
|Rates for Businesses||1% fixed||3.75% fixed|
|Rates for Private Non-Profits||1% fixed||2.75% fixed|
|Amortization||2-year amortization||15-year or 30-year amortization|
|Borrower Fee||No borrower fees||No borrower fees|
|Personal Guaranty||No personal guaranty||May not be required|
|Collateral||No collateral taken by lender||Case-by-case basis|
|Payment Due||First payment due six months after loan origination.
Interest will accrue during this period
|First payment due eleven months after origination date.
Interest will accrue during this period.
|Loan Uses||Payroll costs, rent, interest on mortgage and utility bills. Any individual salary that exceeds $100,000 is excluded for the portion over $100,000||Funds can be used for financial obligations and expenses that could not have been previously met|
|Debt Forgiveness Options||A portion of the loan may be forgiven.
All funds must be for qualified uses stated above in order to be forgiven.
Additional documentation for forgiveness will be required from the borrower within 90 days after the covered period
(2.15.2020 through 6.30.2020).
The payroll forgiveness amount is likely to be determined by the number of employees that are retained through the downturn. Additional information will be provided once lenders receive guidance from the SBA.
|Does not have to be repaid if utilized for payroll expenses|