CARES Act and SBA Business Loan Relief
Like you, we have been following developments related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act in recent days. We are already helping our clients weather this storm in numerous ways, and we welcome the assistance that this law will provide to us all.
An important part of this law is the Paycheck Protection Program (PPP), which authorizes up to $350 Billion in loans to small businesses through the SBA’s 7(a) program. As an authorized SBA lender, Southern First intends to participate in this program to continue our work of Serving our Clients. The SBA has not yet issued guidance on the rules and procedures for PPP so we will closely monitor their progress on this and will update our communications with you as soon as we know more.
Please follow this link to a resource that outlines the basics of what we know so far. We hope this will help you as we prepare together for further guidance.
Separate from the Paycheck Protection Program, businesses can go directly through the SBA for its Economic Injury Disaster Loan (EIDL) program. You can follow this link to apply for loans through this program. While banks are not involved in the EIDL program, we stand ready to answer questions you may have about this or other loan programs and the rules that govern them.
We have always believed in the importance of having a Banker by your side and in the power of what we can achieve together. These things are especially critical in a time like this, so please reach out to your Banker with questions or concerns. We thank you for the privilege of serving you, now and always.