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:
Loan Application Form
Small Business Association Relief Options
Entry into the Paycheck Protection Program has been extended to August 8, 2020, or until the funds are exhausted.
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:
EZ PPP Loan Forgiveness Form
- 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%.
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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