The recent Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) allocated $350 billion to the new Small Business Administration’s Paycheck Protection Program, which expands allowable uses of SBA 7(a) loans to support payroll costs, rent, mortgage interest, utilities, and interest on existing debt obligations.
The SBA announced guidelines for lenders regarding the Paycheck Protection Program this afternoon. Zions Bank has provided a one sheet to briefly describe the requirements for the Paycheck Protection Program. Check their webpage for updates as more information becomes available: www.zionsbank.com/CARES. Zions Bank has been Idaho’s top SBA lender for 18 consecutive years, we are well positioned to guide Idaho small business owners through the funding process. Our business bankers will personally review each application that is submitted for the CARES Act.
Additional resources are available at the following websites: