The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by potentially providing each small business a loan for payroll and certain other expenses.
Banner Capital Bank is still waiting for the SBA to issue guidance on how and when to provide access to this program under the Act. Application requirements, processes, timing, etc. are not formalized at this time and are pending guidance from SBA. This information is subject to change at any time.