Business Loan Relief
SBA Paycheck Protection Program (PPP)
Charter Oak understands the needs of our small business community during these uncertain times and we’re here to work with our existing business members in need. The federal Small Business Administration has reopened its Paycheck Protection Program (PPP) for 2021 for new borrowers and for certain existing PPP borrowers, and Charter Oak is a participant in this new round of PPP funding.
PPP funding for 2021 will continue to prioritize those who are employed by small businesses by authorizing federal funding toward job retention as well as certain other expenses. In addition, the program will allow certain existing PPP borrowers to apply for a “second draw” PPP loan.
Who Can Apply?
According to the SBA, the following entities affected by COVID-19 may be eligible for its 2021 Paycheck Protection Program:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard).
- Sole proprietors, independent contractors, and self-employed persons.
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location.
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (see sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees or which meets the SBA industry size standard if more than 500 employees.
Thank you for your interest in the SBA’s Paycheck Protection Program for 2021. Charter Oak’s business lending team looks forward to assisting you during these challenging times for eastern Connecticut’s small business community.