CARES ACT & CORONAVIRUS RELIEF PROGRAMS
Learn more about the CARES Act and other financial relief approved by the federal government in response to COVID-19.
Update: Paycheck Protection Program Loan Forgiveness
Beginning the week of August 10, the Small Business Administration (SBA) has begun to process Paycheck Protection Program (PPP) loan forgiveness applications. Western Alliance Bank is preparing its system to accept loan forgiveness applications and we will notify clients as soon as we are able to begin processing these requests. In the meantime, we encourage you to familiarize yourself with the information and documentation that will be required as part of the application process.
The SBA has updated their Frequently Asked Questions to include the common questions regarding PPP loan forgiveness.
Western Alliance Bank is pleased to have been able to help so many clients access critical funding through these PPP loans. As of August 8, 2020, the SBA is no longer accepting PPP applications.
Visit the Small Business Administration website to learn about additional SBA coronavirus relief options.
Main Street Lending Program
The Federal Reserve’s soon-to-begin $600 billion Main Street Lending Program (MSLP) will offer 5-year loans starting at $250,000 for U.S. businesses with up to 15,000 employees or annual revenues less than $5 billion. Businesses in sound financial condition prior to the economic conditions resulting from COVID-19 are eligible.
The Fed recently changed some of the original outlines of the program, including expanding the period when businesses can defer payments to two years and interest rate terms.
We look forward to providing our clients access to these critical funds. Please visit The Federal Reserve website for the most current program documentation and FAQs about the Main Street Lending Program.VISIT FEDERALRESERVE.GOV
All offers of credit are subject to credit approval. Paycheck Protection Program and Main Street Lending information is subject to change based on updates from The Small Business Administration and The Federal Reserve.