Small Business Administration (SBA) Loans
Mountain Commerce Bank is an approved SBA lender. We are ready to help facilitate loan requests made available under the “Paycheck Protection Program” through the SBA’s 7(a) loan program. The Paycheck Protection Program is included in the CARES Act/Stimulus Package and COVID-19 Response approved by Congress and signed by President Trump.
The CARES Act: What You Need to Know About Emergency Small Business Relief
On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), aimed at providing financial relief to the American people and American businesses in response to the economic fallout from the fast-developing coronavirus (COVID-19) pandemic. The measure provides direct financial aid to American families, payroll and operating expense support for small businesses, and loan assistance for distressed industries. The CARES Act/Stimulus Package and COVID-19 Response was passed by the house and signed into law by President Trump on March 27, 2020.
One of the core pieces of the CARES Act is the provision of $349 billion for small businesses through federally backed loans under a modified and expanded Small Business Administration (SBA) 7(a) loan guaranty program called the Paycheck Protection Program. Congress has designed the program to make funds available to qualifying businesses quickly through approved banks and nonbank lenders.
Under the CARES Act, qualifying businesses include:
1 The CARES Act does not indicate that SBA revenue size standards are applicable; the SBA’s forthcoming regulations may clarify this issue.
2 For the purposes of determining the number of employees, the term “employee” includes individuals employed on a full-time, part-time, or other basis.
3 Businesses must have a North American Industry Classification System Code beginning with 72 to be eligible.
4 Businesses that received a disaster loan under § 636(b)(2) after January 31, 2020 may also include the outstanding balance of that loan.