SBA Debt Relief:
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months, through September 27, 2020.
- If you have a 7(a) loan and have a question about the debt relief, please contact your Frandsen Bank & Trust banker.
- If you have a 504 loan and have a question about the debt relief, please contact the Certified Development Company you worked with to get your loan.
For more information, please visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
Paycheck Protection Program (PPP):
Payroll Protection SBA Links:
The Small Business Administration (SBA) recently provided their guidelines for the Paycheck Protection Program (PPP). This information will help you prepare for the application process, which officially opens on Friday, April 3. For a complete overview of the program, see the links below:
Please review all of the materials, including the official SBA PPP application form. We are encouraging existing business clients of Frandsen Bank & Trust to begin completing the application form as soon as possible. It is also very important that you to start gathering the following information as you prepare your application:
- 2019 Payroll — including the last 12 months of payroll.
- 2019 Employees — 1099's for all 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099's for services.)
- Healthcare costs — all health insurance premiums paid by the business (not employee) under a group health plan.
- Retirement — your company retirement plan contributions paid for by the company.
Please know that Frandsen Bank & Trust is a Preferred SBA Lender
, and our priority will be to serve existing Frandsen Bank & Trust business clients
with this new SBA program. Demand for these SBA-PPP loans is expected to be very high. Because this program is so new, there are a lot of unanswered questions. We assure you that we will continue to update this page as more information becomes available from the SBA.
We learned early this morning that the funding for the SBA Paycheck Protection Program (PPP) has been exhausted. As a result, we can no longer accept PPP applications. We are very pleased to report that we received 1,132 applications for the program, requesting $135 million. Our business banking team and SBA experts were able to get 889 applications representing $120 million thru the approval process. That is an 89% successful funding rate! We are very happy that we could help so many of our customers thru the process.