Centric Bank Offers Guidance on What Businesses Need to Know About the CARES Act

Image via Centric Bank.

By Centric Bank

The team at Centric Bank has been working diligently to help our customers weather this challenging and uncertain time. We’ve created this page to summarize the assistance and important information that business owners may need as you move forward.

On Friday, March 27, 2020, Congress passed the CARES Act (Coronavirus Aid, Relief and Economic Security), which includes the Paycheck Protection Program and changes to the SBA’s Economic Injury Disaster Loans.

Economic Injury Disaster Loans (EIDL)

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 small businesses to help overcome the temporary loss of revenue they are experiencing. You may learn more and apply on the SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources page.

Paycheck Protection Program

Businesses must apply for the Paycheck Protection Program through their bank. Centric Bank stands ready to begin the application process for our clients. If you believe your business is eligible, you may download and complete the SBA’s application, save it to your PC and then upload it to our secure file sharing site.

We have a few tips and tools to help you when completing the application:

  • Refer to our Application Checklist to see which documents you’ll need to gather
  • This worksheet may be used to calculate your payroll.
  • At the top of the application, only check a box if it applies to you; do not check ANY box if you are a corporation, partnership or LLC.
  • For the “Number of Jobs” field on the application our recommendation is to use the number of FTE’s as of 2-15-2020.
  • All 20 percent owners must complete questions 5, 6, and 7 and this will result in multiple copies of the application being uploaded. They all must sign a copy of the application.
  • For “Purpose of the Loan,” only check Payroll. The other purposes are approved uses, however funds used for these purposes will be limited to the 25 percent forgiveness amount.

Learn More

We have developed a Paycheck Protection Program Guide for Small Business and FAQs to help our small business clients prepare to apply. It contains information about who is eligible and what you will need to apply. We are here to help, so please do not hesitate to call us.  You may reach a banker at 888-274-2033, or contact your relationship banker directly. You may also complete this brief inquiry form and someone will be in touch within 24 hours.

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