March 30, 2020
St. Paul, Minn. | March 30, 2020 — Sunrise Banks will offer Small Business Administration loans through the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act in an attempt to keep local businesses open and people in work during the COVID-19 pandemic.
The CARES Act – a $2 trillion stimulus package signed by President Donald Trump on March 27 – includes the Paycheck Protection program, a provision in the bill that allocates $350 billion through SBA lending to assist organizations negatively affected by the coronavirus.
The Paycheck Protection program offers loans of up to $10 million for small businesses, nonprofits, tribal and veterans’ organizations with less than 500 employees. These loans are meant to help small businesses retain employees and keep their doors open during COVID-19, which has forced millions of Americans to file for unemployment.
In some cases, organizations that participate in the program may be eligible for loan forgiveness.
“This is an opportunity that represents a ‘bigger than us moment,’” said Sunrise Banks CEO David Reiling. “We’re being called to serve our country and get these funds out the door to small businesses so we can keep people employed and keep our economy running.”
Sunrise has created a plan of action to field Paycheck Protection loan requests and is awaiting further guidance from the SBA on how to proceed. In the meantime, however, anyone interested in more information should sign up for updates on the program.
Additionally, those with questions or interested in participating should email firstname.lastname@example.org.
About Sunrise Banks: Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Learn more at SunriseBanks.com. Sunrise Banks, Member FDIC, is an equal housing lender.