CARES Act
SBA Paycheck Protection Program
IMPORTANT UPDATE (May 4, 2021) – SBA PPP Funds Exhausted
The Small Business Administration has announced that Paycheck Protection Program funding has been exhausted and that the PPP application portal stopped accepting applications today. Loan applications that have not yet received an SBA loan number have not been approved.
MORE INFORMATION
For more information about SBA loan programs, please visit the Small Business Administration. More information about the Paycheck Protection Loan Program and other resources for small businesses can be found on the U.S. Senate Committee on Small Business and Entrepreneurship website.
SBA PPP Loan Forgiveness Information
Loans issued by Exchange Bank are subject to approval with the Small Business Administration program and other eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded. Financing maximums and terms are determined by borrower qualifications and use of funds. Exchange Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by Exchange Bank.
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IMPORTANT NOTES: Lender may require additional information. In addition, each borrower must certify that the documentation is true and correct, the amount for which forgiveness is being requested was used to make payments to retain employees and to make interest payments on covered mortgage obligations, covered rent obligations and covered utility payments. In addition, the SBA may request further information. There will be NO forgiveness if the documentation is not presented.
