April 27, 2020
Coronavirus Aid, Relief, and Economic Security Act (CARES):
Paycheck Protection Program (PPP)
We are pleased that to date, we have processed 123 PPP loans totaling over $10 million to help keep more that 1,600 of our community members employed!
The President has signed into law a legislation that includes an additional $210 billion to restart the SBA Paycheck Protection Program (PPP). If you are an eligible Small Business and have not already applied for PPP funding, we are here to help. PPP loans are forgivable loans to help small businesses keep their workers employed during this pandemic and associated economic downturn. The PPP provides 100% federally guaranteed loans to eligible small businesses with less than 500 employees who maintain their payrolls during this emergency.
Below, you will find the PPP Checklist and Application. If interested in applying for the PPP loan, please contact a Cornerstone Bank loan expert and begin filling out both the Checklist and Application.
Contact a Cornerstone Bank Loan Officer to let them know you are interested in pursuing a loan through the CARES Act.
PPP Loan Forgiveness:
We will begin to accept forgiveness requests when we get additional guidance from the SBA. We are putting together information to help you prepare for forgiveness. Be sure to check back with us soon as we will be providing updates to this page.
SBA Disaster Assistance
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan (EIDL) declaration. Governor Asa Hutchison’s request for SBA Disaster Assistance in the state of Arkansas was approved. Read below for more information on accessing SBA’s COVID-19 Disaster Relief Lending.
- Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus.
- SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance. Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
- For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.