Updated on April 3, 2020 at 7:25 a.m.
As a Preferred SBA Lender, Sunrise Banks Will Offer Loans Through CARES Stimulus Package
Sunrise Banks is Here for You.
We know your small business is important to you and our communities.
That’s why Sunrise Banks is here to help.
Sunrise is excited to offer Small Business Administration 7(a) loans through the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. As an SBA Preferred Lender, Sunrise is able to offer loans offered through the Paycheck Protection Program provision of the CARES Act.
What We Know So Far
In total, the provision puts forward around $350 billion to be used to assist small businesses and allows you to keep your employees on the payroll.
Here’s some general info on the Paycheck Protection Program:
- Small businesses, nonprofits, tribal businesses, and veterans’ associations that have less than 500 employees and have been negatively affected by the pandemic may be eligible for these loans.
- Loans through the program have a 1% interest rate and have a six month payment deferral.
- Loan recipients may be eligible for loan forgiveness
- Business must be operational as of Feb. 15, 2020 and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor.
- Loan amounts up to $10 million
- Two-year full payout loan, and payments may be deferred for six months
- Unsecured and no personal guarantee
- Borrowers cannot apply for any other programs through the SBA for the same purpose
- Non Sunrise Banks customers are eligible as well as current customers.
These loans are intended to assist struggling small businesses across the country. The money can be used for payroll, rent, utility or mortgage expenses as well as interest costs on other debt obligations incurred before Feb. 15, 2020.
Right now, we’re waiting for additional guidance from the SBA before we start the process. Those interested in the program should start gathering documents that may be helpful during the loan process, including profit and loss statements, payroll information, tax returns, mortgage or rent statements, utility bill statements, etc.
As more details are available, we will be updating the website. In the meantime, sign up for more information and updates on the program.
Remember, we’re here for you.
We look forward to working with you.