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Coronavirus (COVID-19): Business Guidance & Loan Resources

Supporting local business- the CARES Act - Reopened (4/24/2020)

As your local community bank, we are here to support you through these difficult times. Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will provide emergency relief programs for business owners. Upon implementation of the CARES Act, there are many resources available for small businesses, nonprofits, and other organizations. As a Small Business Administration (SBA) lender, Wayne Bank is participating in the Paycheck Protection Program that provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

In particular, the CARES Act expanded the SBA Section 7(a) loan program, also referred to as the “Paycheck Protection Program” (PPP), which aims to support small businesses. We are encouraging all our small business borrowers who are impacted by COVID-19 to consider applying for a loan under this new program, which provides some critical benefits, including:

  1. Cash to cover select business expenses (such as employee salaries and payroll support, rent or mortgage and utilities payments, insurance premiums)
  2. 6 months of deferred loan payments
  3. Loan forgiveness (a portion, or possibly all, of your loan may be forgiven) *Note: Due to expected high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Key Points to Know

  • Length of a PPP loan: 2 years
  • Interest rate on a PPP loan: 1.0%
  • Maximum dollar amount of a PPP loan: 2.5x of your average total monthly payments for payroll costs of the business during the 1-year period before the loan is made. Payroll costs include salary, wage, vacation, parental, family, medical or sick leave, severance, health care benefits, and local taxes.
  • Last day to apply for a PPP loan: June 30, 2020
    • BUT, please note it takes time for you to complete the application and to process your approval.
    • Also, note there is a limited amount of funds available under the CARES Act for PPP loans, and program terms & conditions are subject to change at any time.

How to Apply

To apply, please fill out the application form and submit it to Wayne Bank with the required documentation listed in the Paycheck Protection Program Required Documentation Checklist. Please be sure to fully complete the application, and provide all required payroll documentation. Incomplete applications cannot be processed. Due to the volume of requests, it may take considerable time for our staff to follow up on these requests. Furthermore, while we are currently accepting applications, applications can not be approved until the Small Business Administration portal is available for processing.

Online SBA PPP Application   Securely Submit Supporting SBA Documents

Additional Resources

If you have an interest in researching available government resources, the following links offer helpful information:

Wayne Bank is ready and able to assist our customers during these challenging times. For customers with an established relationship, please do not hesitate to reach out to your lender for questions.

Additional Contacts

Call 1-800-598-5002 | Meet our Team of Business Lenders | Find a local Wayne Bank Office | Additional Coronavirus Information