UPDATE: If your business has borrowed PPP funds, View the forgiveness application HERE
The administration’s PPP program guidelines and update can be found at HERE. A list of Forsyth County financial institutions are listed at the bottom of this page. Forsyth County Chamber of Commerce has also compiled an SBA update you may download here. We also have several educational webinars on the program, visit Webinars & Resources to learn more.
For personal references to local banks or if you have questions pertaining to your SBA loan application, contact Alex Warner at awarner@forwardforsyth.org or 770.887.6461 ext. 137
For personal references to local banks or if you have questions pertaining to your SBA loan application, contact Alex Warner at awarner@forwardforsyth.org or 770.887.6461 ext. 137
Learn More About Two Major SBA Loan Programs
The Small Business Administration currently has two major loan programs in response to COVID-19. A business can apply for both the Economic Injury Disaster Loan program and the Paycheck Protection Program IF there are different use of proceeds for each program. Funds from these loans cannot be commingled. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. View the entire Emergency SBA Loan overview HERE
To Learn More About These Programs Click Here
The Small Business Administration currently has two major loan programs in response to COVID-19. A business can apply for both the Economic Injury Disaster Loan program and the Paycheck Protection Program IF there are different use of proceeds for each program. Funds from these loans cannot be commingled. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. View the entire Emergency SBA Loan overview HERE
To Learn More About These Programs Click Here
Loan Comparison Chart
SBDC has released a comparison chart for business owners to explore when viewing with loan program options best serves their business needs. View the entire chart HERE
Paycheck Protection Program Loan
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Visit HERE for a great summary of the Paycheck Protection Program & Frequently Asked Questions Guide
Here are the questions you've been asking and what you need to know to get started.
1. Am I ELIGIBLE?
You are eligible if you are: • A small business with fewer than 500 employees • A small business that otherwise meets the SBA’s size standard • A 501(c)(3) with fewer than 500 employees • An individual who operates as a sole proprietor • An individual who operates as an independent contractor • An individual who is self-employed who regularly carries on any trade or business • A Tribal business concern that meets the SBA size standard • A 501(c)(19) Veterans Organization that meets the SBA size standard.
REMEMBER: The 500-employee threshold includes all employees: full-time, part-time, and any other status.
2. What will LENDERS be looking for?
In evaluating eligibility, lenders are directed to consider whether the borrower was in operation before February 15, 2020 and had employees for whom they paid salaries and payroll taxes or paid independent contractors.
3. How much money can I BORROW?
Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million. Details on how to calculate average monthly cost can be found HERE
4. Will this loan be FORGIVEN?
Borrowers are eligible to have their loans forgiven. How Much? A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan:
• Payroll costs (using the same definition of payroll costs used to determine loan eligibility)
• Interest on the mortgage obligation incurred in the ordinary course of business
• Rent on a leasing agreement
• Payments on utilities (electricity, gas, water, transportation, telephone, or internet)
• For borrowers with tipped employees, additional wages paid to those employees
The loan forgiveness cannot exceed the principal.
The Forsyth County Chamber encourages local businesses and our community to make fact-based decisions and stay informed on COVID-19. For the latest information from the U.S. Chamber of Commerce, please visit CARES Act Summary
I'm ready to APPLY - What's Next?
When to Apply: Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. Look out for more information about eligible lenders and additional guidance from the SBA soon.
How to Apply: You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
See below for a detailed list of Forsyth County lenders.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.
Here are the questions you've been asking and what you need to know to get started.
1. Am I ELIGIBLE?
You are eligible if you are: • A small business with fewer than 500 employees • A small business that otherwise meets the SBA’s size standard • A 501(c)(3) with fewer than 500 employees • An individual who operates as a sole proprietor • An individual who operates as an independent contractor • An individual who is self-employed who regularly carries on any trade or business • A Tribal business concern that meets the SBA size standard • A 501(c)(19) Veterans Organization that meets the SBA size standard.
REMEMBER: The 500-employee threshold includes all employees: full-time, part-time, and any other status.
2. What will LENDERS be looking for?
In evaluating eligibility, lenders are directed to consider whether the borrower was in operation before February 15, 2020 and had employees for whom they paid salaries and payroll taxes or paid independent contractors.
3. How much money can I BORROW?
Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million. Details on how to calculate average monthly cost can be found HERE
4. Will this loan be FORGIVEN?
Borrowers are eligible to have their loans forgiven. How Much? A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan:
• Payroll costs (using the same definition of payroll costs used to determine loan eligibility)
• Interest on the mortgage obligation incurred in the ordinary course of business
• Rent on a leasing agreement
• Payments on utilities (electricity, gas, water, transportation, telephone, or internet)
• For borrowers with tipped employees, additional wages paid to those employees
The loan forgiveness cannot exceed the principal.
The Forsyth County Chamber encourages local businesses and our community to make fact-based decisions and stay informed on COVID-19. For the latest information from the U.S. Chamber of Commerce, please visit CARES Act Summary
I'm ready to APPLY - What's Next?
When to Apply: Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. Look out for more information about eligible lenders and additional guidance from the SBA soon.
How to Apply: You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
See below for a detailed list of Forsyth County lenders.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.
Main Street Lending Program
As a result of the Coronavirus Aid, Relief & Economic Security (CARES) Act, the Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses.
While the program’s start date has yet to be announced, here’s what you need to know to check eligibility and get ready to apply.
View entire guidance of the program HERE
While the program’s start date has yet to be announced, here’s what you need to know to check eligibility and get ready to apply.
View entire guidance of the program HERE
SBA Disaster Relief Loan
UPDATE: On June 15, SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses. Learn more about the update HERE
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Are you considering applying for an SBA disaster relief loan? Join Forward Forsyth's Existing Industry Project Manager, Alex Warner, to learn if the loan program is right for you. Alex will also walk participants through the steps of applying. SBA has completely changed the way to apply for a Disaster Relief Loan. Alex Warner from Forward Forsyth shares in the video below with updates on how to apply.
Documents mentioned in video can be downloaded HERE
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Are you considering applying for an SBA disaster relief loan? Join Forward Forsyth's Existing Industry Project Manager, Alex Warner, to learn if the loan program is right for you. Alex will also walk participants through the steps of applying. SBA has completely changed the way to apply for a Disaster Relief Loan. Alex Warner from Forward Forsyth shares in the video below with updates on how to apply.
Documents mentioned in video can be downloaded HERE
Still in need of some guidance?
We're here to help.
If you have questions pertaining to your SBA loan application, please contact Alex Warner at awarner@forwardforsyth.org or 770.887.6461 ext. 137
Forsyth County Lenders
Affinity Bank
Bank of America
Bank OZK
BB&T
Citizens Bank of Georgia
Coastal States Bank
Fidelity Bank
Georgia Primary Bank
JPMorgan Chase Bank, N.A.
Piedmont Bank
Regions Bank
Renasant Bank
Synovus
United Community Bank
Vinings Bank
Wells Fargo
Bank of America
Bank OZK
BB&T
Citizens Bank of Georgia
Coastal States Bank
Fidelity Bank
Georgia Primary Bank
JPMorgan Chase Bank, N.A.
Piedmont Bank
Regions Bank
Renasant Bank
Synovus
United Community Bank
Vinings Bank
Wells Fargo
The Forsyth County Chamber seeks to provide access to recommendations, regulations, services and expertise to its members. During the COVID-19 pandemic, this mission remains constant. Prior to acting, members should consult their own professional advisors for information and counsel specific to the individual and unique situations faced by organizations, individuals and corporations. The opinions, interpretations and recommendations of the Forsyth County Chamber are informational only and should not be relied upon by the recipient as legal or professional advice. The Forsyth County Chamber makes no representations as to the accuracy or reliability of the content contained herein. Users of this information accept any and all risks associated with the use of such information and agree that the Forsyth County Chamber has no liability to user.
