We've been an active participant in SBA lending for years and are relied on as a resource for much needed funding during these uncertain times.
The CARES Act has been signed into law by President Trump and you can find the highlights below, along with other helpful links.
Paycheck Protection Program
With the recent passage of federal legislation adding new funding for the Small Business Administration’s Paycheck Protection Program, we are pleased to announce that we are able to resume accepting applications from existing ERIEBANK customers and will be accepted and processed in order of verified completion.
We are happy to resume the application process. Please note that, if we determine that the response to the PPP program exceeds our ability to process applications in a timely manner, we will suspend the acceptance of new applications. Eligible applicants are encouraged to submit your completed application, with all supporting documentation, at your earliest opportunity due to the limited SBA funds available.
Guidance on Paycheck Protection Forgiveness
Guidance on Paycheck Protection Program Forgiveness Documentation
Learn more from the SBA
Economic Injury Disaster Loans and Loan Advance
Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
- Loans up to $2 million
- 30 year terms with fixed interest rates of 3.75% and will include a one year payment deferral
- Funds can be used for working capital, payroll, A/P, insurance, utilities, and short-term debt
- Borrowers would apply directly on the SBA website Keeping Workers Paid & Employment Act
- SBA 7(a) Loans with 100% guarantees
- Up to $10 million in loans for SBA eligible borrowers and non-profits
$2 million in loans for the Economic Disaster (can’t do both) no loan forgiveness
- Process for loan forgiveness based on keeping people working
- Waived borrower and lender guarantee fees