The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law Friday, March 27th, 2020, allocating $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.
As a community bank proudly supporting many small businesses throughout our footprint, we are committed to serving these business well and keeping them informed of all resources readily available to them during this unprecedented time. Although the first round of available funding has been allocated and spoken for, most anticipate a second round of funding to be approved and release soon. As soon as Congress releases more funds, we will be ready to serve you and process your application.
To learn more about the Paycheck Protection Program, please read the following official Information Sheet:
Armstrong Bank will be able to accept applications for the Paycheck Protection Program beginning April 3rd, 2020.
Get a jump start on the application here:
Once completed, submit applications by contacting your local Banker by phone or email.
PLEASE NOTE: Although the first round of available funding has been allocated, most anticipate a second round of funding to be approved and released soon. As soon as Congress releases more funds, Armstrong Bank will be ready to begin processing your completed application.
The U.S. Chamber of Commerce has created and issued a small business guide (see link below) to help small businesses and self-employed individuals prepare to file a loan and better understand the CARES Act and Paycheck Protection Program.
Check out this helpful guide featuring information on eligibility, borrowing amounts, and loan forgiveness: