Paycheck Protection Program

Resource Bank partnered with Kabbage, an online business lender, to provide you with a digital and secure way to apply for the Paycheck Protection Program.

Paycheck Protection Program extended to August 8, 2020.

This application is open to clients with a business account and valid online banking profile. Please have all of your documentation ready prior to beginning the application. We highly recommend you read the information below to prepare for the application process.

We know the importance of this program to you. We anticipate a high volume of applications that may slow down website response time. Your patience is appreciated.

Applicants that complete an application will receive a confirmation email from Kabbage. If the applicant is missing any documentation, Kabbage will email them asking for specfic documentation.

Contact Kabbage PPP Customer Support Hotline: 888-351-3143

Paycheck Protection Program (PPP):

Covington, April 1, 2020: The Treasury Department issued much-anticipated guidance for the Paycheck Protection Program (PPP), which starting this week will provide up to $350 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic. The loans are fully guaranteed by the Small Business Administration, but the SBA will waive all SBA guaranty fees. PPP loans are made for two years at a fixed rate with payments deferred for six months.

Small businesses and sole proprietorships—generally, those with 500 or fewer employees—may apply for PPP loans starting on Friday, April 3, 2020. Independent contractors and self-employed workers can apply starting April 10, 2020. PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.

Please be aware the Paycheck Protection Program (PPP), and the Economic Injury Disaster Loan (EIDL) are two separate programs. The EIDL is only available directly through the SBA at www.sba.gov. Eligible businesses can apply for both if funds are not used for the same purpose. We have heard the EIDL can possibly be paid off with some of the funds of the PPP, but this has not been confirmed. You will need to submit two separate applications and receive two separate confirmation numbers.

Resource Bank is not currently an SBA approved lender. We have been actively working to partner with a SBA approved lender. We will keep you informed as to the status of our participation as we anxiously await partnership approval.

In an effort to facilitate processing of the CARES Act Paycheck Protection Program (PPP) loans for our customers, we want to ensure you have all the tools you need to get the help you need. You will be able apply for the PPP loan beginning April 3, 2020. Before submitting your application, please check our website to see if Resource Bank is to process the application on your behalf. If we are not, we do not want to delay submission of your application. We understand if you need to proceed with, please reach out to an SBA approved lender who can process the application on your behalf.

You can view information directly at https://home.treasury.gov.

Covington, March 30, 2020: On Friday, March 27, 2020, the House passed—and President Trump signed into law—the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) a $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.

Many of you are curious about the Paycheck Protection Program (PPP) Overview. PPP is a part of the stimulus package included in the CARES Act. The Program provides nearly $349 billion for small business cash-flow assistance through federally guaranteed loans. Loans can cover payroll support, employee salaries, rent, utilities and other debt obligations to help America’s small businesses recover from the economic impacts of COVID-19. Loans are available for up to 250% of an employer’s average monthly payroll, with a maximum loan of $10 million dollars. We are waiting for guidance (the fine tuning of PPP is NOT complete) from the SBA.

Currently, eligible business can apply for an Economic Injury Disaster Loan (EDIL) directly through the SBA. We encourage you to visit www.SBA.gov and begin the application process. You will need tax returns for the borrowing entity, Profit and Loss Statements, and Organizational Documents to complete the application.

Once your application is completed, it is our understanding that you will be assigned a registration number for Resource Bank (or our SBA partners). Once all programs are finalized for approval, a direct deposit will be made into your Resource Bank checking account.

We appreciate your business and hope that you stay safe at this time. We are working hard to remain steadfast in our service to you. Thank you for your patience during this time.

The U.S. Chamber of Commerce has provided a fact sheet to help you prepare.


See updates on how Resource Bank is responding to COVID-19 here.

For more detailed information please contact a relationship banker at any one of our branch locations.


 

*All loan products subject to credit approval.

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