Latest Details on covid-19 relief programs
AND WHAT YOU CAN DO TO PREPARE
Tennessee Bank & Trust is committed to helping you understand and access COVID-19 related relief.
The U.S. Small Business Administration (SBA) has implemented the following programs:
Economic Injury Disaster Loan Program (EIDL) – Applications are currently being accepted by the SBA. These loans provide small businesses with working capital loans of up to $2 million to help overcome a temporary loss of revenue. These low-interest loans come directly from the SBA, not Tennessee Bank & Trust. Due to overwhelming interest, the SBA has updated their website and streamlined the process to apply.
Paycheck Protection Program (PPP) – Part of the new CARES stimulus package, the PPP is a federal loan program aimed at helping small businesses who have been severely impacted by COVID-19. The main objective of this loan is to help these businesses retain their workforce and assist with other operational expenses.
- Receive 2.5x business’s average monthly payroll
- No payments for the first 6-12 months
- Competitive rates and terms
- No collateral or personal guarantees are required
- Fast funding
- Apply for up to 100% loan forgiveness after receiving the funds
Applications for the Paycheck Protection Program
Due to unprecedented demand for the Small Business Administration’s (SBA) Paycheck Protection Program we are temporarily suspending the acceptance of new applications while we focus on processing existing applications with the SBA. For businesses that have already submitted an application, we will continue to process these applications in the order they were received and will reach out to existing applicants directly with next steps.
For current Tennessee Bank & Trust customers who remain interested in applying for the program, we will contact you via email as soon as we resume taking applications. If you are interested in receiving this notification, please provide your information on our PPP sign up page below.
*Please note: If you have previously provided your information here and have been receiving updates, there is no need to submit again.
What You Will Need to Apply
We’ve created a checklist that will help you in gathering the necessary information. Download and complete along with the PPP Application. This will ensure you are ready to go as quickly as possible. In addition, the U.S. Department of the Treasury released several documents related to the PPP program, including an Overview and Borrower Fact Sheet. These should be helpful to you as you prepare to apply.
RESOURCES AND INFORMATION FROM TENNESSEE BANK & TRUST FOR OUR CUSTOMERS
It’s critical for you to weigh all options available to you to ensure the best financial decision for your business. If you would like to speak with someone to better understand your options, please contact your Banker or our main line at 615-298-8000.