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PPP Loan Forgiveness Guidance

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COVID-19 Commercial Credit and Small Business Relief Programs

The Coronavirus Aid, Relief, Economic Security (CARES) Act recently enacted into law provides for various forms of financial relief for mid-sized and small businesses. The programs will be administered through the U.S Small Business Administration (SBA) who is offering federal disaster loans to provide working capital for eligible mid-sized and small businesses and nonprofit organizations. The Program offerings include:

Paycheck Protection Program

The Paycheck Protection Program (PPP), offered through Manasquan Bank, is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

In continuing efforts to support small businesses during this challenging time, we have partnered with Kabbage, a prominent online small business lender to facilitate the completion and filling of Paycheck Protection Program (PPP) applications to the SBA in an expedited fashion. Applicants may submit a PPP application through Kabbage, now through June 30, 2020 for loans up to $2,000,000. Please note that the application submission and approval processes are managed by Kabbage, The Loan, if approved, will reside with Kabbage as Manasquan Bank is simply providing an application submission alternative.

In addition, there is no guarantee the application will be approved, as approvals are subject to the sole discretion of Kabbage. 

SBA Disaster Assistance, Economic Injury Disaster Loans (EIDL)

Clients may be eligible for a low-interest disaster assistance loan. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. The EIDL program is being offered directly through the SBA. Please note that an application submission to this program may prohibit participation in PPP. Please contact the SBA for further details.

Please click here to complete the EIDL application directly thru the SBA. 

In addition, Manasquan Bank is offering disproportionately impacted borrowers the following:

  • Negative Credit Impacts Resulting from Relief: Manasquan Bank will not report derogatory trade lines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for our borrowers taking advantage of COVID-19-related relief. 
  • Relief from Fees and Charges: For at least 90 days, Manasquan Bank will waive Commercial Lending fees for clients who have requested assistance.

As always, we’re here to help you access the resources you need. Please contact your commercial lender partner or contact us for additional information at 844.626.2265.​

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