CARES ACT & SBA LOAN PROGRAMS
Learn more about the CARES Act, Paycheck Protection Program and other financial relief approved by the federal government in response to COVID-19.
Paycheck Protection Program Update
Additional funding has been approved for the Paycheck Protection Program. Western Alliance was very pleased to have helped many clients access SBA relief loans in the initial round of PPP funding and we are ready to once again help businesses access these critical funds.
In the first round, PPP funds were distributed very quickly, and we anticipate loan approvals will move swiftly again. Our teams are working around the clock to act rapidly on pending applications that were not submitted in the first round of PPP funding. While we will make every effort to process as many applications as possible, we cannot guarantee successful funding, and we thank you for your understanding.
If you need assistance applying, please contact your Relationship Manager or reach out to the bank at (888) 995-2265.
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 to help support economic activity and keep workers employed.
A major benefit: All or portions of these loans can be forgiven if borrowers maintain their payrolls during the COVID-19 crisis or restore their payrolls in the near-term. Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.
Learn more about PPP and additional coronavirus relief options provided by the Small Business Administration by visiting sba.gov.
Small businesses and sole proprietorships can apply for and, if qualified, receive loans to cover their payroll and certain other expenses. Independent contractors and self-employed individuals are also eligible to apply. Learn more about PPP eligibility in the SBA Borrower Information guide below.
As you prepare to apply, we encourage you to review the resources available below and at sba.gov. Please note the PPP application requires you to submit detailed information regarding your business payroll history. To best prepare for the application process, we suggest you first gather detailed payroll information, including benefits-related expenses and state and local payroll taxes, if applicable.
Key information for borrowers on PPP program details, eligibility & more.
The SBA has compiled a list of Frequently Asked Questions about PPP.
Access all PPP Interim Final Rules issued by the SBA at sba.gov.
The SBA's FAQ regarding participation of faith-based organizations in PPP & EIDL .
All offers of credit are subject to credit approval.