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UPDATE – April 3, 2020

Guidance was issued by the Treasury last night just before 6:00 p.m. CST.  We are discussing our next steps and will begin processing applications after reviewing the new information.  We have done all that the Small Business Administration (SBA) has asked us to do and will submit your application as soon as we are permitted to do so.

We appreciate your patience!

 On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  The CARES Act created the Paycheck Protection Program (PPP).  Under this program, The Bank of Jackson will offer small businesses relief in the form of loans guaranteed by the Small Business Administration (SBA).

Beginning April 3, 2020, the Small Business Administration (SBA) will provide up to $349 billion in loans to help small businesses maintain payroll during the COVID-19 pandemic.  It is expected that a portion of these loans will be forgivable. 

Neither the government nor the bank will charge fees to customers for these loans.  Generally, forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

With the intent to deploy funds to the marketplace without delay, please know that loan processes are rapidly evolving.  It is expected that additional guidance, including updates and possible changes to the program, will be forthcoming.  For the most up-to-date information from the Treasury Department about the program, including instructions and application forms, please see the following links:

 Information & Guidance for Borrowers: PAYCHECK PROTECTION PROGRAM INFORMATION SHEET

Application Forms:  Paycheck Protection Program Borrower Application Form

For More Information:  Assistance for Small Businesses

Economic Injury Disaster Loans

In addition to the new Paycheck Protection Program outlined in the CARES Act, you may also be interested in an existing SBA loan program known as “EIDL” or Economic Injury Disaster Loans.  You may apply for EIDL loans directly through the SBA at www.sba.gov/disaster  as this program is already in place and active.

Please call (731) 660-8000 to speak with a Bank of Jackson loan officer if you have questions.

We appreciate the opportunity to be of service!