U.S. Department of the Treasury
Get the most up-to-date information on the Paycheck Protection Program.
Small Business Administration
The SBA has many programs to help businesses through this uncertain time.
Coronavirus and your 401(k) plan
The COVID-19 health crisis is affecting employers and 401(k) plan participants alike. UBT’s Retirement Plan Services team is here to explain all the options you have and help you get through this.
Help with your personal finances
We know that these are difficult times, and we want to do everything we can to ease your (and your employees’) burdens. Learn more about the solutions we’ve created to help our customers impacted by coronavirus.
Running your business from home
Business Banking Online and our other Treasury Management services allow you to do much of your business banking from home. Learn more about leveraging these tools.
Center for Disease Control & Prevention
Wondering about how best to practice social distancing and other protective measures? Get the CDC’s latest recommendations and up-to-date info about COVID-19 in the United States.
The World Health Organization
Visit the WHO’s coronavirus website for the latest news, helpful resources, and in-depth information about COVID-19 and its effects on the United States.
Frequently Asked Questions
No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***
These loans have a fixed rate of 1.00% for 2 years. All payments are deferred for 6 months; however, interest will continue to accrue over this period. There are no prepayment penalties or fees for paying your loan early.
You can submit a request to the lender that is servicing the loan including a completed Loan Forgiveness Application. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Please reference our guide to forgiveness.
You will also owe money if you do not maintain your staff and payroll.
- Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
- Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
- Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.
Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
If I believe I am eligible based on the above, is there anything that could cause me to be ineligible?
You are ineligible for a PPP loan if, for example:
- You are engaged in any activity that is illegal under federal, state, or local law;
- You are a household employer (individuals who employ household employees such as nannies or housekeepers);
- An owner of 20 percent or more of the equity of the applicant is incarcerated, on probation, on parole; presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or has been convicted of a felony within the last five years; or
- You, or any business owned or controlled by you or any of your owners, has ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted within the last seven years and caused a loss to the government.