The SBA Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The program was passed into legislation on March 27, 2020 as part of the CARES Act to help businesses that have been impacted by COVID-19. We have identified some resources to learn more: US Chamber of Commerce, US Senate Committee on Small Business & Entrepreneurship.
Who the Paycheck Protection Program is for: Any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Questions – please contact us to assist you. We’re here to help! See the SBA website for additional business qualifications.*
What are some key features:
How to apply: Please contact one of our business lenders or call us at 701-293-2400 or 800-423-3344 for more information on how to apply.
* Applications and loans subject to SBA terms and conditions. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.