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When it comes to managing your finances, there's a lot to know, and it seems as if things are changing every day! We love educating our customers, and that's why we maintain a thorough selection of stories and articles.

Updates for Commercial Clients – COVID-19/CARES Act

By Andrew Freter

Over the past few days, we have seen the US Federal Government take swift action to ensure that Small Businesses nationwide have access to much needed capital during the COVID-19 pandemic. They first quickly enacted the SBA Disaster loans for economic injury where small businesses can apply directly to the SBA for loans up to $2MM to weather the storm. You can learn more and apply here.

On Friday, March 27th, the President Signed the CARES act into law. The CARES act includes provisions for the Paycheck Protection Program (PPP) from the SBA. The PPP is intended to be forgivable loans that small businesses can get from their bank to cover costs such as payroll, rent, and utilities during the pandemic. The hope is that these businesses will not layoff any employees, and for doing this they will be rewarded with loan forgiveness. 

The PPP is quickly developing and as of the date of this article (3/31/20) banks are still awaiting guidance from the SBA on how to administer these loans. PyraMax Bank is committed to helping your business through this time and we are monitoring the PPP for any updates. When the program is ready to go PyraMax will be ready. 

While we await final guidance on this program there are a few items all small businesses can do to get ready. Having these items in good order will ensure a smooth PPP application.

Talk to Your Banker – Let your banker know you are interested. A good conversation with your banker makes the process smoother and often your banker may know of more options that are specific to your business.

Evaluate Your Future Needs – What are your plans over the next 2-6 moths? Evaluate your revenue and expenses and see what kind of cash flow issues you are likely to encounter. Think about how much you need to borrow.

Gather Recent Financial Information – As with any loan, it is expected there will be a need for financial information. Have your recent year end financials, business tax returns, personal tax returns, and personal financial statements handy.

Gather Employee Information – The PPP is going to be based on monthly payroll expenses and number of employees. Have IRS information on payroll taxes, number of employees, retirement plan contributions, and how much you pay each employee.

Don’t Panic – These are difficult and odd times for everyone, small businesses and bank’s included. At PyraMax Bank, we are committed to serving all of our customers and want to work with you. The PPP may take a few days to get settled, but rest assured we are working for you.

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