Emergency Business Loan Relief

Small Business Administration 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 businesses in need of emergency funding through the SBA’s Paycheck Protection Program (PPP). Here is some helpful information from the SBA as well as an application for borrowers.

What Is the Paycheck Protection Program?

  • The Paycheck Protection Program, available through the U.S. Small Business Administration, offers loans designed to provide a direct incentive for small businesses to keep their workers on the payroll. 
  • The program will be available to eligible borrowers on a first-come, first-served basis.
  • Potential borrowers are encouraged to apply as soon as possible due to the program's funding cap and the amount of time needed by lenders to process the loan.
  • Borrowers may borrow through June 30, 2020, or until all available Paycheck Protection Program funds are exhausted.

How Does It Work?

  • The program provides funding via loans for up to 8 weeks for payroll costs, including benefits.
  • Funds can also be used for interest on mortgages, rent and utility costs.
  • The loan has a maturity of 2 years and an interest rate of 1%.
  • Loan payments will be deferred for six months and there is no collateral or personal guarantees required.

Learn More

Who Is Eligible

  • Small businesses with 500 or fewer employees are eligible.
  • Eligible businesses can include non-profit organizations, veterans’ groups, tribal businesses, self-employed individuals, sole proprietorships, and independent contractors.
  • Businesses in certain industries that employ more than 500 employees also may be eligible.
  • Potential borrowers residing in our field of membership in New London and Windham counties are encouraged to apply.

Small Business Guide

Where Can I Find More Details?

The Small Business Administration has provided helpful answers designed to assist small businesses in understanding all the details and requirements of its Paycheck Protection Program.

Frequently Asked Questions

Before Applying, Please Note

  • Due to social distancing requirements, all applicants will be notified by email that their applications have been received by Charter Oak.
  • Because of the high volume of expected applications, all correspondence for this program will be done by email.
  • We cannot process an incomplete application so please include all of the appropriate information.

Required Documents

Organizations with employees who file Tax Form 940:

  • Tax Form 940 from 2019.
  • Tax form 941 or payroll processor records for the period including February 15, 2020.

Documents for Sole Proprietors or Self Employed who do not file Tax Form 940:

  • 1040 Schedule C if filed for 2019 OR
  • Draft 1040 Schedule C for 2019 if not filed.

 Documents for all other small businesses:

  • Form 1099-MISC for 2019 for services rendered as an independent contractor.
  • If additional information is required, a Charter Oak representative will reach out to you.

DOWNLOAD APPLICATION

Thank you for your interest in the Paycheck Protection Program. We look forward to assisting you during these challenging times for eastern Connecticut’s small business community.

 

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