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 Flexibility Act
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 was signed into law. This Act contains important changes to the requirements for forgiveness of Paycheck Protection Program (“PPP”) Loans. We are awaiting further guidance from the Small Business Administration and Department of the Treasury and will provide updates as they become available.
In the meantime, find details on the changes implemented by the new Act* here.
*These provisions remain subject to modification or clarification.
The federal government has created the Paycheck Protection Program as part of the CARES Act to support small businesses in this time of crisis.
The Small Business Administration’s PPP provides 100% federally guaranteed loans to businesses with up to 500 employees that meet program eligibility requirements to help support economic activity and keep workers employed. All or portions of these loans can be forgiven if borrowers meet certain conditions.
Western Alliance Bank is pleased to have been able to help so many clients access critical funding through these PPP loans. At this time, we are unable to accept new applications.
Visit the Small Business Administration website for up-to-date program details, to find an approved lender in your state, or 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.