UPDATE: On Friday, April 24, 2020, the President signed into law additional Paycheck Protection Program funding for small business relief provided under the CARES Act.
Although existing demand is likely to quickly exceed this new funding, while funds remain, we will continue our commitment to provide small business relief to you.
For additional assistance, please contact your Renasant Banker. You may also visit our small business relief page or our COVID-19 resources page for additional information and resources.
On March 28, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act). The CARES Act created the Paycheck Protection Program. Under this program, banks are able to help offer small businesses relief in the form of forgivable loans guaranteed by the Small Business Administration to eligible small businesses in amounts up to $10 million (with the actual amount based on the borrower’s average monthly payroll and certain other costs in the previous year).
On Thursday, April 2, 2020, the Treasury Department issued final guidance for the Paycheck Protection Program (PPP), which initially provided $349 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus (COVID-19) pandemic.
Small businesses and sole proprietorships—generally, those with 500 or fewer employees—were eligible to apply for PPP loans with their bank starting on Friday, April 3, 2020; independent contractors and self-employed workers could apply starting April 10, 2020.
PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.
Learn more at treasury.gov/cares
Please contact your Renasant Banker should you have any questions. Thank you for allowing us to be your financial services provider of choice.