ABC Bank Prepares To Provide Small Business Stimulus Loans
American Bank of Commerce has announced it will provide stimulus loans to local businesses including non-profits and independent contractors. The stimulus loans are available under the small business section of the CARES Act that was passed by Congress last week.
According to a press release, the Payroll Protection Program is one of the ways small businesses can benefit from ABC Bank and the CARES Act. The Payroll Protection Program applies to businesses with fewer than 500 employees. It will cover 2 1/2 months of fixed expenses including rent, payroll, health insurance, and utilities.
James Arnold, President and CEO of ABC Bank explained, “The CARES Act gives the financial system important tools to help our local community and consumers while supporting our economic recovery.”
The Payroll Protection Program applies to businesses with fewer than 500 employees. The program will cover two and a half months of fixed expenses including rent, payroll, health insurance, and utilities. The standard fees are waived, and no personal guarantee or collateral is required by the business owner if the number of employees on their payroll stays the same from February 15th through June 30th.
Loans will be forgiven for businesses that retain their employees during this time. Loan amounts that are not forgiven will be payable over 10 years at an interest rate not greater than 4%. To pursue this loan opportunity, you will need to provide 3 years of financials, utility bills, rent expenses, and a payroll list.
“American Bank of Commerce remains well-capitalized and our asset quality is strong”, said Arnold. “We are pleased to be in a position to make an impact on our community during this unprecedented time.”
American Bank of Commerce is here to help our community through this crisis. Please call 806-775-5000 for more information.
James Arnold, President and CEO of ABC Bank, will appear on The Chad Hasty Show this Friday at 10:05 a.m. to explain the CARES Act and the impact it can have on small businesses in Lubbock.