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With the recent legislation passed by the U.S. Congress in the form of the CARES Act, many Covenant Bank customers rightfully have lots of questions. Our experts have developed a helpful summary to better explain the key things you need to know and the relief options that may be available to you.
The introduction of the Paycheck Protection Program (PPP) and some lifted restrictions around Emergency Injury Disaster Loans have been introduced. If you own a small business, it is particularly important to understand these programs. However, everyone can take an interest in understanding how this could affect our local economy or your own employer. Read on to learn more about these two programs.
Thank you for continuing to trust Covenant Bank to help you and your business during these trying times.
The SBA and U.S. Treasury Department recently released a joint statement following the enactment of the Paycheck Protection Program (PPP) Flexibility Act.
We are still waiting for the following information to be released before we can provide clear guidance on any action required to move forward:
Your partnership is important to us and we remain committed to keeping you informed & prepared with regular, transparent communication as we learn more specifics about the PPP forgiveness process. You’ll be hearing from us again soon.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of
payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and
In response to the Coronavirus (COVID-19) pandemic, small business owners 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 help overcome the temporary loss of revenue small businesses 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. Economic Injury Disaster Loans are also available to residents in declared disaster areas.
Please reach out to your
Commercial Loan Officer directly
or use the contact form below.
A division of Citizens & Northern Bank
60 N. Main Street | Doylestown PA 18901
M-F 8:30am -5:00pm (Drive Thru Only due to COVID-19)
Saturday: 9am-12pm (Temporarily closed due to COVID-19)
1500 E. Lancaster Ave | Suite 105 | Paoli, PA 19301
M-F 9:00am- 1:00pm
Also by Appointment
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