CARES Act

First PREMIER Bank

Paycheck Protection Program Loans

The United States Congress recently approved nearly $350 billion to help small businesses keep workers employed amid the COVID-19 pandemic and economic downturn. The Paycheck Protection Program, which is part of the CARES Act, provides 100 percent SBA guaranteed loans to small businesses, non-profit organizations and other qualified entities. These loans may be entirely forgiven if borrowers meet program requirements.

The applicable federal agencies will issue a one-page application form and program guidelines in the coming days. First PREMIER Bank will begin working with small businesses immediately and will process loan applications when they become available. In the meantime, here are a few basic things you should know about the Paycheck Protection Program:

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Eligibility

  • Businesses with less than 500 employees.
  • Individuals who operate as sole-proprietors or independent contractors.
  • 501 (c) (3) nonprofit organizations and 501 (c) (19) veteran groups who meet SBA size standard.
  • Tribal business concerns with less than 500 employees.

 

Click Here for additional information.

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Terms and Conditions

  • Covers payroll, debt obligations, employee salaries, mortgage interest and rent.
  • Loan cap is 2.5 times the borrower’s avg. monthly payroll, not to exceed $10 million.
  • Fixed rate TBD (not to exceed 4%), regardless of business type.
  • Up to 100 percent forgiveness if borrower meets requirements.
  • No payments for the first six months. If requirements are not met, a 10-year payment plan will be established for the portion not forgiven.  
  • Borrower must have been in operation before Feb. 15, 2020.

Click Here for additional information.

To contact a First PREMIER Business Banker, visit our team page HERE or send an email to: cares@firstpremier.com.

SBAExpress, 7(a) and More

Fund growth with short-or-long-term, fixed or variable rate, secured or unsecured loans with great rates and terms. Qualified businesses enjoy no minimums and no prepayment penalties on loan amounts up to $5 million. Speak to a loan officer for more information.

SBA 504 Loans

Great for businesses interested in purchasing commercial real estate, refinancing and/or extracting equity from owned real estate. Low down payments preserve working capital.  Available funds support operation and investment back into your business. Find out more today. 

Speak to a Loan Officer Today

We can help you navigate the complicated lending landscape, find competitive loan products and help you apply. Click below to contact a loan officer near you.

A Proud Supporter of Business & Community

Serving Small Businesses

 

  • Attorneys, Accountants
  • Construction Firms
  • Consulting Practices
  • Independent Contractors
  • Medical and Dental Practices
  • Manufacturers
  • Retailers
  • Service businesses
  • Restaurants
  • And more
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Disclosure

{1} SBA loans are backed by the U.S. Small Business Administration.

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