Many small businesses have been impacted by COVID-19; however, you do have options. On April 24, President Trump approved an additional $310 billion in funds for the Paycheck Protection Program (PPP). Beginning April 27, we will resume accepting applications from small businesses. Please contact an ABB Loan Officer to immediately begin the application process. We look forward to working with you!
Paycheck Protection Program (PPP) Loans
- This is to provide cash flow assistance through 100 percent federally guaranteed loans to employers with 500 employees or less who maintain their payroll during this crisis.
- Features included:
- Loan forgiveness of up to 8 weeks of payroll based on employee retention and salary levels. To be fully forgiven, the borrower must meet certain criteria.
- No SBA fees.
- Payment deferral for up to 6 months.
- Please contact an ABB Loan Officer to apply.
The Economic Injury Disaster Loans (EIDL) are available by applying directly with the Small Business Administration (SBA).
Economic Injury Disaster Loans and Loan Advance (EIDL Loans)
- In response to the COVID-19 pandemic, small businesses in all US states including Washington, DC and territories are eligible to apply for an EIDL 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 to help overcome a temporary loss of revenue.
- Funds may be made available within three (3) days of a successful application.
- You can apply directly with the SBA by clicking the link below: