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ASB&T Covid-19 Updates

What is the Paycheck Protection Program?

The CARES Paycheck Protection Program is a loan program that a small business or farmer/rancher, which has experienced business concern as a result of COVID–19, can use to keep its employees paid and employed. This loan program enables businesses and farmers/ranchers to cover the following eligible expenses:

  1. Payroll costs limited to $100,000 per individual annually. The costs include gross income, sick leave, vacation pay, family leave, premium health insurances and retirement benefits;
  2. Payments of interest mortgage payments (which shall not include any prepayment of or payment of principal on a mortgage obligation);
  3. Rent (including rent under a lease agreement); and
  4. Utilities

If you received funding from a previous PPP loan, please reach out in regards to qualification. The main qualification parameter for this round will need to show a 25% decrease in gross revenue in 2020 in comparison to 2019.

For more information from the U.S. Small Business Administration click here