Keeping Workers Paid and Employed Act 2020
There is a tremendous amount of new information coming out every day on this crisis we are all facing. The U.S. Senate is well underway with a massive stimulus package to assist with getting funds out to our small business owners to pay employees and keep their business afloat.
While there are currently two bills that have been introduced, the positive is that while there are differences in details, they are consistent in that they are going to utilize the SBA and distribute these funds through the existing banking channels via certified SBA Lenders.
As an experienced SBA Lender, First Federal Savings Bank is on top of these proposals and stands ready to assist you and other small business owners with the needed help that is required in these extraordinary times. We will continue to monitor these proposals as they move closer to being voted into Law.
Listed below is a summary of one of the plans being considered. There will likely be some changes, but at least you can have some comfort that help is coming quickly. In order to expedite processing a request once these details are finalized, please visit the link below to begin an application that will allow us to assist you very quickly once the funds are made available. The earlier the information is received will help to get funds injected into your business much faster.
Keeping Workers Paid and Employed Act
The Keeping Workers Paid and Employed Act would prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the coronavirus pandemic. The plan would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis. This proposal would be retroactive to March 1, 2020, to help bring workers who may have already been laid off back onto payrolls. Read the full Act HERE.
If you would like to get a jump on applying for an SBA loan with our bank, please click HERE or call us at 812-492-8128.