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The Small Business Administration has four separate programs that apply to small businesses impacted by the COVID-19 global health pandemic, including relief included in the new CARES Act, a $2 trillion stimulus package from the federal government.
04/23/2020 UPDATE Click here to download the CARES Act Amendment
Please reach out to your Relationship Manager or contact the CapStar SBA team at SBAassistance@capstarbank.com to discuss your needs and to receive a free interactive workbook with program overviews, resources, documentation and calculators.
All programs can be used to keep your business afloat and your employees on payroll, but there are important differences between them, including how you apply.
Click here to download the complete CapStar SBA Disaster Resource Guide
Smaller Options for Immediate Working Capital - EIDL Grants and Express Bridge Loans
Larger Options for Working Capital - EIDL Loans and PPP Loans
Click here to download the CapStar Bank EIDL Grant Product Sheet
Provide access to $10,000 to anyone who was impacted by a covered disaster. Click here to see if your business is covered.
• Sole proprietors with or without employees
• Independent contractors
• A business of 500 or less full-time equivalents
• An ESOP of 500 or less full-time equivalents
• Tribal small business concern with not more than 500 employees
Maximum amount of advance is $10,000.
Use of Funds:
• Providing paid sick leave to employees unable to work due to the direct effect of COVID-19
• Maintaining payroll to retain employees during business disruption or substantial slowdowns.
• Meeting increased costs to obtain materials unavailable from the applicant's original source due to interrupted supply chains
• Making rent or mortgage payments
• Repaying obligations that cannot be met due to revenue loss
An applicant shall not be required to repay any amounts of an advance provided under this subsection, even if subsequently denied a loan under section
How do I apply?
Click here to apply on the SBA website.
1/31/2020 through 12/31/2020 - EIDL Grant must be funded within that time period.
Click here to download the CapStar Bank Express Bridge Loan Product Sheet
Provide quick access to working capital.
• Small businesses that were located in disaster areas under the Presidential disaster declaration as of the date of disaster, or
• Small businesses located in any state, territory or DC area that have been adversely impacted by the COVID-19 emergency.
Use of Funds:
• Must be used to support the survival and/or reopening of the small business
• Working capital
• Specific disaster-related purposes such as generators, repair or replacement of inventory
• Maximum maturity is 7 years, and maximum interest rate of P+6.5%
• Express Bridge loan can be consolidated into a larger disaster loan with a longer term
How do I apply?
Must apply with a bank you have an existing relationship with that is an SBA Express approved lender, like CapStar Bank.
1/13/2020 - 1/13/2021
No delinquent federal debt or prior loss unless waived by the SBA for good cause.
Click here to download the CapStar Bank EIDL Loan Product Sheet
Provide working capital loans to small businesses either directly or indirectly impacted by a declared disaster
• Small Businesses
• Most private non-profit organizations, including:
Businesses directly affected by the disaster
Businesses that offer services directly related to the businesses in the declaration
Other businesses indirectly related to the industry that are likely to be harmed by losses in their community
Up to $2 million. Rates are 3.75% for small businesses and 2.75% for non-profit organizations with terms up to 30 years.
Use of Funds:
• Pay fixed debts
• Accounts Payable
• Other bills that could have been paid had the disaster not occurred
How do I apply?
Disaster loans are issued through the Department of the Treasury.
Click here to apply.
3/14/2020 - 9/30/2020
Click here to download the CapStar Bank PPP Loan Product Sheet
Click here to download the Customer Information Form
Click here to download the PPP Calculator
Click here for a PPP Information Sheet from the US Treasury
Click here to download a PPP Application (CapStar Deadline for NEW PPP Applications: Wednesday, April 22 at 5 p.m.)
NEW! Click here for US Treasury PPP FAQs
PPP Loan Forgiveness Training Webinar
To watch, click play below. You may also click here to download.
Click here to watch the webinar in full screen view.
NEW! PPP Loan Forgiveness Application Webinar and Calculator - May 18, 2020
Click here to download the PPP Loan Forgiveness Estimate Calculator
Click here to download the PPP Loan Forgiveness Application (US Treasury)
To watch the webinar, click play below. You may also click here to download.
Click here to watch a the webinar in full screen view.
Beginning April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders, like CapStar Bank.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders, like CapStar Bank.
Emergency relief for businesses to cover payroll costs in an effort to keep employees on their payroll during the COVID-19 crisis for a period of 2.5 months.
• Any business with 500 or fewer employees
• Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries - click here for additional detail
• Sole proprietors
• Independent contractors
• Self-employed individuals (documentation is required)
The lesser of:
• 2.5x the average monthly payments by the borrower for payroll costs incurred during the period prior to the date on which the loan is made
• $10,000,000 and
• The outstanding amount of an SBA 7(b)(2) disaster loan (made during the period beginning on 1/31/2020 and ending on the date on which covered loans are made available) that will refinance through the covered loan
• Payroll costs*
• Costs related to the continuation of group health care benefits including paid sick, medical or family leave, and insurance premiums
• Employee salaries, commissions or similar compensations
• Payments of interest on any mortgage obligations (does not include prepayment of or payment of principal)
• Rent (including rent under a lease agreement)
• Interest on any other debt obligations that were incurred before the covered period
Covered Payroll Costs Include:
• salary, wage, commission, or similar compensation
• payment of cash tip or equivalent
• payment for vacation, parental, family, medical or sick leave
• allowance for dismissal or separation
• payment for group health care benefits, including insurance premiums
• payment of any retirement benefit
• payment of state or local tax assessed on the compensation of employee
Payroll Costs DO NOT Include:
• The compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the covered period
• Taxes imposed or withheld under chapters 21, 22, or 24 of the Internal Revenue Code of 1986 during the covered period
• Any compensation of an employee whose principal place of residence is outside of the United States
• Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116-127)
• Qualified family leave wages for which a credit is allowed under section 7002 of the Families First Coronavirus Response Act (Public Law 116-127)
• The SBA shall require 7(a) lenders to provide "impacted borrowers" complete payment deferment relief for a period of no less than 6 months and not more than 1 year
• Deferment includes principal, interest and fees.
• Covered period for loan forgiveness is the 8-week period beginning on the date of the origination of the covered loan
• Borrowers are eligible for forgiveness of the indebtedness in an amount equal to the sum of the following costs incurred and payments made during the covered period:
1. Payroll Costs
2. Interest on real or personal property mortgages incurred before February 15, 2020
3. Rent on a leas in place prior to February 15, 2020
4. Payment on most utilities if in place prior to February 15, 2020
• Amounts forgiven are not taxable to the borrower
• The SBA remits the forgiven amount plus interest to the lender not later than 90 days after the amount is determined.
For additional information, please contact your Relationship Manager or email SBAassistance@capstarbank.com.
We are here to help you prepare for PPP loan application when the program is available.
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