Support Through the C.A.R.E.S. ACT
Congress has recently approved a second round of funding for the Coronavirus, Aid, Relief, and Economic Security Act (CARES ACT), a relief package including rebates for individuals, small business loans, increased unemployment benefits and a variety of tax breaks. The Paycheck Protection Program and the U.S. Small Business Administration (SBA) is once again accepting applications. Please contact your Business Lender with any questions. If you are unsure who to contact, please call us at 315-532-6399.
Paycheck Protection Program
Thank you for your interest in the Paycheck Protection Program (PPP). On Saturday, July 4th, the President signed into law a bill extending the timeframe during which PPP loans can be applied for to August 8. The deadline to apply had been June 30th. There is approximately $130 billion still available in the PPP program. This extension provides any small business that has not applied for PPP additional time to submit an application. The eligibility requirements are not changed in this bill. Pathfinder Bank will continue to process applications while funds are still available.
Again, we appreciate your patience as we continue to work through processing applications.
Here’s what we know about the Paycheck Protection Program (this information is subject to change as per the SBA):
- Borrowers will need to certify that they’ve been impacted by COVID-19 as well as meet SBA size standards to qualify
- The program intends on helping small businesses cover costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, and utilities
- There will be no personal guarantees, collateral, or fees associated with the loan
- Loan amount maximum is the lesser of 2.5 times average monthly payroll or up to $10 million
- There will be a payment deferral and loan forgiveness programs
For the most up to date information and documents, please visit the SBA’s Paycheck Protection Program web page.