SBA Relief Program Draft
SBA Relief Program Information
Due to high loan demand, the bank will not be accepting applications from brokers or 3rd party agents to include independent packaging services. Additionally, the bank will only accept applications from individuals or businesses that operate in the bank’s market area of Middle Tennessee.
The intention of Legends Bank is to prioritize the needs of the communities we serve. We appreciate your understanding, cooperation, and patience.
Legends Bank is staying on top of the latest information related to the Small Business Administration and US Treasury’s relief programs to provide you with access to the resources you need to make the best decision for your business.
The US Treasury continues to provide guidance regarding the Paycheck Protection Program (PPP), so this page will be updated accordingly as aspects of the program are finalized. Your patience is greatly appreciated!
At this time you are able to apply for the Paycheck Protection Program, however, you will be required to provide supporting documents before we can process your application. Banks are waiting for the finalized guidance on this program from the Small Business Administration (SBA) and US Department of Treasury and will update this webpage accordingly with those requirements. You may use our secure portal to upload your completed application and one of our loan specialists will follow up with you regarding obtaining the supporting documents.
Below we have provided additional information and links to other resources you may want to reference to help with your decision-making. Our loan specialists are available to assist you through the application and loan process.
Paycheck Protection Program (PPP)
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
- Employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscriptions, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months.
When can I apply?
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Click here to learn more about the Paycheck Protection Program.
Economic Injury Disaster Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Other Resources and Guidance
To learn more about these programs and more, please visit the Small Business Administration website.