Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act as an emergency relief extension of the Small Business Administration (SBA) 7a loan program. The program allows financial institutions to provide federally backed, forgivable loans to eligible businesses.
As this is a new program and developing situation, we understand that there are still many questions regarding some of the program’s specifics. BeachBank is working to help our impacted businesses understand what PPP means for their situation. We are here to support our clients and communities through the application process.
Main Street Lending Program
The Main Street Lending Program supports small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the COVID-19 pandemic.
The program is intended to keep businesses operational and workers on the payroll. Eligible employers can receive a five-year repayment term. Interest payments are deferred for one year. Principal payments are deferred for the first two years.
Contact us to see if the Main Street Lending Program can work for your business.