TB&T and CARES Act
Information last updated April 1, 2020
On March 27, 2020,
the CARES Act (the Act)
was signed into law.
The Act was designed to provide relief to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. One specific section of the Act created the Paycheck Protection Loan Program which covers the period from February 15, 2020 through June 30, 2020. The loan program will allow businesses with less than 500 employees suffering due to the coronavirus outbreak to borrow money for a variety of qualified costs related to employee compensation and benefits. The program allows for loans up to the lesser of $10 million or 2.5 times the average total monthly payroll costs of the business. The program also allows for the forgiveness of certain amounts of the loan based on meeting specific criteria outlined in the Act.
Click the link below for more information about the Coronavirus Emergency Loans Small Business Guide and Checklist.
Helpful links to the SBA Website and the Paycheck Protection Program (PPP)
SBA Website Paycheck Protection Program
If you have any questions, please contact your Loan Officer or any location of Troy Bank & Trust.
Just a reminder
Make sure that you don’t fall for any bogus phone calls, email, text messages, websites and social media posts regarding the CARES Act, the Payroll Protection Program of Economic Impact Payment checks. The IRS is not going to call you asking to verify or provide your financial information so you can get an economic impact payment faster. Do not open these types of emails or click on attachments or links as this can lead to fraud and identity theft.
For the most up-to-date information, go to www.irs.gov
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