COVID-19 Response for Businesses

Updated May 18, 2020

The Small Business Administration has posted a preliminary Paycheck Protection Program Loan Forgiveness Application.  The application includes guidance for calculating the amount of loan forgiveness for which businesses may qualify. 

If you would like to obtain information directly from the US Department of the Treasury, click here for the U.S. Treasury Department CARES Act Page.

If you would like to go directly to the application, please use this link:  Paycheck Protection Program Loan Forgiveness Application.


Paycheck Protection Program

Small Business Administration Economic Injury Disaster Loans (EIDL)

 

Document Links:

New: SBA How to Calculate Maximum Loan Amounts by Business Type

Paycheck Protection Program Overview

Paycheck Program Fact Sheet

Application for Paycheck Protection Program

Addendum to Application for Paycheck Protection Program

 

JVB:  Here to help business customers! 

As of May 1, 2020

On this page you will find helpful information for businesses regarding the government programs that have been enacted in response to the COVID-19 pandemic.  On Friday, March 27, 2020, Congress passed a $2 trillion federal stimulus package which includes the Coronavirus Aid, Relief and Economic Security (CARES) Act. Among many other provisions, the CARES Act features a Paycheck Protection Program which is designed to assist businesses with certain expenses.  

JVB is an approved Small Business Administration (SBA) 7(a) lender, actively participating in the PPP process with the SBA.   We began processing and submitting applications for our customers April 3rd and throughout the weekend.  We will communicate updates and new details as they become available.

This page is devoted to sharing information that will be helpful to you, our business customers.  Please do not hesitate to contact your JVB lender to talk about what's happening with your business.  We will help in any way that we can.  Below you will find the assistance programs that are currently available to Pennsylvania businesses.  


Paycheck Protection Program

General Information

Borrowers will need to certify that they’ve been impacted by COVID-19 as well as meet SBA size standards to qualify

The program intends to assist small businesses cover costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt

There will be no personal guarantees, or collateral associated with the loan

Loans can be up to 2.5 times the borrower’s average monthly payroll costs, not to exceed $10 million.

There will be a payment deferral and loan forgiveness program. 

Documents and Dates

As of April 3, 2020, the Final Rules for the implementation of the Paycheck Protection Program have been modified.  The most notable differences include a change in the interest rate to 1%, and the application for the program has been modified.  The new application includes additional certifications and authorizations for you to acknowledge and is available for you at the link below.

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

There are continuous refinements taking place with this program.  We are providing the most recent documents.  Please return to this page frequently to check for updates.

New:  SBA How to Calculate Maximum Loan Amounts by Business Type

Paycheck Protection Program Overview

Paycheck Protection Program Fact Sheet

Application for Paycheck Protection Program

Addendum to Application for Paycheck Protection Program

JVB remains committed to assisting you through these uncertain times and will post any new documents and/or guidelines as they are released.  

If you would like to obtain information directly from the US Department of the Treasury, click here for the U.S. Treasury Department CARES Act Page.


National Economic Assistance Programs

Small Business Administration Economic Injury Disaster Loans (EIDL)

Available state-wide to non-profit organizations, small and private businesses to help alleviate economic injury caused by the COVID-19 pandemic.