What Businesses Need to Know About the CARES Act
Centric Bank is here for Small Business!
The team at Centric Bank has been working diligently to help our customers, as well as small businesses and non-profits in the communities we serve, to weather this challenging and uncertain time. Below you will find information on how to apply for Paycheck Protection Program relief loans, and EIDL loans.
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. It is anticipated that another round of funding will be approved the week of April 20, 2020.
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
The latest information on PPP loan forgiveness from the SBA may be found at the links below. As further details become available from the SBA, we will share that information directly with businesses who have a PPP loan funded through Centric Bank.
Businesses must apply for the Paycheck Protection Program through a financial institution. Centric Bank stands ready to begin the application process for our customers, as well as small businesses and non-profits in our community service area. If you are a small business owner or a non-profit in our market areas, and you believe your entity is eligible, please contact your nearest Centric Bank financial center, complete our brief inquiry form, or call us at 888.274.2033. We are servicing loan applications from businesses in our services areas of Central Pennsylvania, Philadelphia and Suburban Philadelphia, Southern New Jersey and Cherry Hill, New Jersey.
We have developed a Paycheck Protection Program Guide for Small Business and FAQs to help small businesses and non-profits 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.