CARES Act
Payment Protection Program

We Are Here For You

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.

Eligible Participants

  • Sole-proprietors, independent contractors, and other self-employed individuals
  • Companies with less than 500 employees or the applicable SBA size standard for the industry per the NAICS
  • Non-profits and Veterans Organizations

Use of funds

  • Payroll support
  • Employee Salaries
  • Mortgage, lease and utilities payments
  • Any other debt obligation incurred before February 15th, 2020.

Documentation needed

  • 2019 Business Tax Return or Financial Statements as of 12/31/2019
  • 2019 Payroll Cost
  • Payroll Cost from period 01/01/2020 – 02/15/2020
  • Business Certificate / License
  • Business Lease if applicable

Highlights

  • No prepayment penalty
  • Loan Forgiveness up to 100% with approval
  • No collateral or personal guarantees are required
  • Fast funding
  • 2-year term loan

Resources

If you have any questions or if you would like to schedule an appointment, please contact your Business or Corporate Banker.  We are standing alongside you, and we are prepared to help you and your business during these challenging times.

Terms and conditions are subject to change. This information is accurate as of 3.31.2020.

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