The CARES Act/ Paycheck Protection Program.
After you have reviewed the SBA information, please call your Business Banker or your local Altra Business Banking hotline to start processing your SBA PPP application.
Applications will be reviewed and processed in the order received.
Due to limited funding in the PPP program and frequent delays at the SBA, Altra cannot guarantee new applications will obtain PPP approval, however our Business Banking team will do everything possible.
Coronavirus Aid, Relief, and Economic Securities (CARES) Act
The CARES Act allocated $350 billion to help small businesses keep workers employed during the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. As an added bonus, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Please understand the final federal guidelines on how to process these loans are not available yet, but are expected later this week. Because Altra is an SBA Preferred Lender, your local Altra Business Banker will be ready to assist you as soon as the guidelines are released.
SBA Economic Injury Disaster Loan (EIDLs)
The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion.
The terms offered can be very favorable with loans up to $2 million, up to $25,000 unsecured, 2.75% rates for nonprofit organizations, 3.75% for other small business, and amortization potential up to 30 years. Click below to apply directly with the SBA. Altra is NOT involved with this process.
Business Membership/Change Applications: