Paycheck Protection Program (PPP)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The $2 Trillion Federal economic stimulus package included a $659B measure called the Paycheck Protection Program (PPP). The PPP has been governed by the U.S. Small Business Administration (SBA) and fulfilled through lenders.
As of August 8, 2020, the PPP is no longer available and therefore Fidelity Bank is not accepting applications.
Below is a summary of the Paycheck Protection Program (PPP).
Note: This email address is for inquiries only, and will connect you with a member of our SBA team. This is not a secure email system. Do not send confidential information, including application related information, through this email. We are not accepting applications through this email.
Fidelity Bank in Edina, an independent, privately-owned commercial bank, is proud to have supported our clients and many non-borrowers during this difficult time.
Paycheck Protection Program (PPP) Program Details
What type of business may be eligible?
- The borrower must have been in business on 2/15/2020.
- Businesses described in the Small Business Act with 500 or fewer employees in the following categories:
- For-profit businesses
- Eligible non-profits
- Veterans organizations
- Tribal concerns
- Sole proprietorships
- Self-employed individuals
- Independent contractors
- Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Loan amounts and details
- Up to $10 million to a borrower and affiliates.
- The maximum loan size is 2.5 times the average monthly payroll for the borrower.
- 100% guaranteed SBA 7a loans.
- Delivered by SBA 7a preferred lenders such as Fidelity Bank.
- 100% of the loan can be forgiven by the SBA provided they are used for approved purposes and the borrower maintains employment levels at or above pre-pandemic levels.
- Loan payments on any unforgiven amount of your PPP loan are deferred until the SBA makes a forgiveness determination.
- No collateral or personal guarantees required.
- Loans to cover eligible payroll costs, interest on mortgage payments, rent obligations, and utilities.
- A borrower may have both an Economic Injury Disaster Loan (EIDL) loan and a PPP loan if each was used for different purposes.
- Economic Injury Disaster Loan (EIDL) may be rolled into the Paycheck Protection Program (PPP) loan.
PPP Loan Forgiveness process
Fidelity Bank is making the Paycheck Protection Program (PPP) Loan forgiveness process straightforward. We offer an online portal where our borrowers can submit the PPP Loan forgiveness application, required documents, and supporting data.
Additional information on the Paycheck Protection Program (PPP) is available on the U.S. Small Business Administration website located here. To view the full CARES ACT Bill, click here. To view the full PPP FAQ, click here.
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