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Tag: loan

PPP Resumes April 27, 2020

The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

Paycheck Protection Program Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Frequently Asked Questions for Lenders and Borrowers (04/26/2020)

How to Calculate Loan Amounts

For affiliation rules applicable for the Paycheck Protection Program, click here.

The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program as posted in the Federal Register.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program

Apply for the Paycheck Protection Program by finding a lender.

Governor Murphy and Commissioner Caride Announce Expansion of Payment Relief for Student Loan Borrowers

“Governor Phil Murphy and Department of Banking and Insurance Commissioner Marlene Caride announced today that the state has secured relief options with private student loan servicers to expand on the protections the federal government granted to federal student loan borrowers. These new options stand to benefit an estimated 200,000 New Jerseyans with privately held student loans.”

For the full press release, please click here.