Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will provide many resources to small businesses, in addition to certain nonprofits and other employers.

Paycheck Protection Program (PPP) Loans are one part of this act and will provide cashflow assistance through 100 percent federally guaranteed loans to qualifying employers affected by Covid-19 who maintain their payroll during this emergency. Among other features, PPP offers forgiveness of up to eight weeks of payroll based on employee retention and salary levels in addition to qualifying rent, utilities and mortgage payments.

While the law has been passed, the rules are still being written.  PPP loans will be made by SBA eligible lenders and there will be no fees. Queensborough National Bank is an SBA preferred lender and is experienced at processing these loans. We have added staff to ensure we are prepared to process these loans as soon as the rules are established. We are here to help our communities through these uncertain times.