COVID19-Resources Businesses

CARES Paycheck Protection Program Details

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 Premier Community Bank has partnered with online lender Kabbage to provide our customers access to the Paycheck Protection Program. If you have previously submitted documents to your Premier loan officer, you must refile all materials through Kabbage borrower's portal.

Premier is doing everything we can to get you access to this program as quickly as possible, but we are at the mercy of the technology that the SBA is deploying, and the level of demand for a limited dollar program.

Kabbage offers a streamlined process for these loans. By following the link, you will leave the Premier Community Bank website and be redirected to the Kabbage website.

Please be aware that this loan will be with Kabbage under terms set by the Small Business Administration, and Premier Community Bank is unable to provide any servicing needs for this loan.

Also, please be very aware that this program is being administered by the US Small Business Administration and has been rolled out very quickly. This process could be very difficult, as the volume of loan requests is expected to be extraordinarily high.

This could result in there not being enough funds available for everyone who applies. Premier Community Bank will continue to look for ways to expedite this process to help our customers navigate this unprecedented loan program.

Kabbage is aware that some customers have reported issues linking their bank account in the Kabbage Paycheck Protection Program application. These issues are being addressed as quickly as possible. For customer support of individual issues that are being experienced, please contact Kabbage at 888-351-3143.

The topics below provide accurate information and can help educate you on applying for funds.

Every borrow's situation is unique.  If you require assistance or support in finalizing applications, producing supporting documents or interpreting the SBA's guidance, please seek assistance from your accountant or legal counsel.

REMINDER: Traditional email is not a secure method to share personal and business financial information. Only use secure methods to share documents.

Information last updated as of May 19, 2020.   

 

 

          

General Background

On March 31, 2020, the U.S. Department of the Treasury and the Small Business Administration (SBA) released the application form for businesses to apply for and obtain loans under the Paycheck Protection Program. This program, established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provides $349 billion for small business loans to cover.

This program, established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provides $349 billion for small business loans to cover qualified payroll costs, rent, utilities, and interest on mortgage and other debt obligations.

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

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