CARES Act - Paycheck Protection Program

Citizens Bank Stands with You.

As an Approved SBA Lender, Citizens Bank Offers Paycheck Protection Loans Through CARES Act Stimulus Package

 

In total, the provision puts forward around $350 billion to be used to assist small businesses and allows you to keep your employees on the payroll.

 

ELIGIBILITY:

Small business, non profits, and veterans' associations that have less that 500 employees and have been negatively affected by the pandemic may be eligible for this program. 

 

UNDERWRITING AND TERMS:

• Loan recipients may be eligible for loan forgiveness.
• Eligible business must be operational as of Feb. 15 2020 and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor.
• Loans may be unsecured and require no personal guarantee.

 

HOW CAN THE FUNDS BE USED:

These loans are intended to assist struggling small businesses across the country. The money can be used for payroll, rent, utility or mortgage expenses as well as interest costs on other debt obligations incurred before Feb. 15, 2020.

 

MAXIMUM AMOUNT I CAN BORROW:

Loans can be made in amounts up to $10 million. Individual loan amount are calculated based on historical payroll costs. Use the Loan Amount Calculators below to calculate the loan amount available for your small business. 

 

STILL HAVE QUESTIONS OR READY TO GET STARTED?

Below you will find the application documents,  a checklist, calculators and FAQ resources all designed to help you through this process. 

 

In addition, our loan officers and program specialists are ready to help. If you have any questions or concerns, please contact your lender or reach a program specialist at (844)350-8512 or email CARESAct@thecitizensbank.net.