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United Bank Now Accepting Applications For The SBA Paycheck Protection Program
United Bank is now accepting applications for the SBA Paycheck Protection Program, effective immediately. We were recognized as a Top Lender for 2019 by the Arkansas SBA, and are ready to help you.
With the Paycheck Program, you can keep your business running with funds to help you cover expenses from February 15 through June 30, 2020. These expenses can include payroll costs, group health care benefits, mortgage interest, rent, and utilities.
We are accepting submissions from United Bank customers and non-United Bank customers.
What is the Paycheck Protection Program?
The SBA Paycheck Protection Program is a program through the U.S. Small Business Administration passed into legislation on March 27, 2020, as part of the CARES Act to help businesses that have been impacted by COVID-19.
Features
- Loan amounts up to 2.5x average covered monthly payroll costs and not to exceed $10 million
- 1% interest rate
- No fees
- No prepayment penalties
- No business collateral or personal guarantee required
- Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered eight-week period after origination
- Payments are deferred for six months
Eligible businesses
- Businesses and entities in operation on February 15, 2020
- Small Businesses, 501(c)(3) nonprofits, 501(c)(19) veterans organizations or tribal business concerns that have fewer than 500 employees or otherwise meet the SBA size standard
- Businesses in the accommodation and food service sector that employ 500 or fewer employees per physical location
- Businesses who have already received an Economic Injury Disaster Loan (EIDL) but have not used it for the same purpose
- 75% of funds have to be used on payroll for full loan forgiveness
- Forgiveness based on employers maintaining or quickly rehiring employees and maintaining salary levels
Read more about the Paycheck Protection Program on the SBA's website.
How to get started
Contact a United Bank loan officer today to begin the application process. Click here to contact one of our lenders, or give us a call at 479-756-8811.