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Disaster Loan Assistance

  • The Paycheck Protection Program makes 100% U.S. Small Business Administration guaranteed loans available to eligible small businesses and self-employed individuals through approved community lenders such as RSI Bank.

Small Business Loans

The Federal government has allocated over $670 billion to help small businesses keep workers employed during and after the COVID-19 pandemic through the Coronavirus Aid, Relief and Economic Security (CARES) Act. The initiative is known as the Paycheck Protection Program.

Small businesses in Union County, NJ and Middlesex County, NJ may qualify for relief loans in the Paycheck Protection Program through approved community lenders like RSI Bank.

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You may be eligible if you are: 

• A small business with fewer than 500 employees 

• A small business that otherwise meets the SBA’s size standard 

• A 501(c)(3) with fewer than 500 employees 

• An individual who operates as a sole proprietor 

• An individual who operates as an independent contractor 

• An individual who is self-employed who regularly carries on any trade or business 

• A Tribal business concern that meets the SBA size standard 

• A 501(c)(19) Veterans Organization that meets the SBA size standard 

 

In addition, some special rules may make you eligible: 

• If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis 

• If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply
 

Other resources for small businesses:
Small Business Association Relief Options

Entry into the Paycheck Protection Program has been extended to August 8, 2020, or until the funds are exhausted.

Loan Application Form


On Wednesday, June 17, 2020, the SBA revised the loan forgiveness application and published a new EZ version of the forgiveness application. The EZ form (Form 3508EZ) applies to borrowers that:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries of wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.
EZ PPP Loan Forgiveness Form

 

Full PPP Loan Forgiveness Form


If you are a PPP loan borrower through RSI Bank and you have questions about the forgiveness application process, please call us for further guidance. We're here to help.

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