CARES Act Small Business
Workers and businesses across Michigan have felt the economic impact of the various COVID-19 restrictions implemented to slow the spread of the Coronavirus. On March 27, 2020, the House passed the CARES Act and President Trump signed it into law immediately after. Since then, federal, state, and local leaders have sought to help our communities through the Coronavirus crisis.
The “Paycheck Protection Program” provides cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. Please note – If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities can be forgiven. This provision will help workers remain employed, and allow affected small businesses and our economy to recover quickly from this crisis. The program has undergone many changes during enactment, and this page is designed to be a source of general information. Please visit www.sba.gov for full details.
The "Small Business Owner’s Guide to the CARES Act" can be found HERE.
If your small business is struggling due to the recent Coronavirus epidemic:
Who is eligible?
Where can you get this loan?
FNBSI has partnered with Lendio, an SBA preferred lender, to offer PPP loans through an on-line platform system. To date, Lendio has processed over 70,000 PPP loans nationwide.
Eligible Customers may apply for PPP loans at the following link: https://www.lendio.com/ppp/first-national-bank-of-st-ignace/. These loan applications will be processed by Lendio and offered to various lenders for closing and funding. Please follow the instructions carefully during the submission process in order to avoid unnecessary delays. Visit the SBA website in advance, to determine if PPP applications are still being accepted or if funding is available.
For those businesses who previously applied for a PPP loan, please read a special message HERE.
What can you use the loan amount for?
How much can you borrow?
What if you can’t pay it back?
Can the entire loan be forgiven?
Some additional resources can be found below:
CARES Summary of Health, Tax, Unemployment, Small Business, and Distressed Industries Provisions