On Friday, March 27th, 2020, Congress approved the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which is designated to provide comprehensive relief to individuals and businesses following the unprecedented impact of COVID-19 on our communities. The CARES Act created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the Paycheck Protection Program (PPP). The goal behind this program is to allow businesses to meet ongoing vital expenses, such as payroll, utilities, rent, and mortgage interest.
At this moment, eligible participants who plan to apply for the Paycheck Protection Program at Banesco USA must have a pre-existing business deposit or business lending relationship with Banesco USA. To begin the application process contact your Business or Corporate Banker.