Government CARES Program - Loan Eligibility
The CARES program is the vehicle to distribute the $350 billion approved by Congress on Friday. Some important information to know:
- Banks are being selected to participate in this program,as soon as we know who they are we will let you know.
- This program is known as the Paycheck Protection Program and provides 100% federally guaranteed loans.
- Loans may be forgiven if borrowers maintain their payroll during the crisis or restore their payroll afterward.
- You are eligible to apply if you are a business or 501c3 with fewer than 500 employees.
- The borrower needs to use the proceeds to retain workers, maintain payroll, and make mortgage, lease and utility payments.
Additional Information from the US Chamber of Commerce can be found by Clicking on the following link: Coronavirus Emergency Loans Small Business Guide and Checklist
