The Federal Government's Coronavirus Aid, Relief, and Economic Security (CARES) Act is an emergency relief program created to help businesses recover.
Questions you might have and what you should know:
Completed applications are subject to SBA approval and funds are contingent upon availability of the federal PPP, which is finite and subject to a cap. It is extremely important that the application is complete, including all supporting documentation. We cannot submit an incomplete application to the SBA for approval. Please contact your Webster Business Banker or call 800-325-2424 to apply.
PPP loan forgiveness
We understand that you may have questions about PPP loan forgiveness and we are actively seeking clarification from the SBA about what the loan forgiveness process will look like. As we learn more, please know that we are committed to sharing information as quickly as possible.
Based on what has been published so far, the amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest. It is anticipated that at least 75% of the forgiven amount must have been used for payroll costs and no more than 25% of the forgiven amount may be attributable to non-payroll costs. You will need to submit back up documentation to substantiate the amount you are requesting for forgiveness and your costs.
In the meantime, please visit the U.S. Department of the Treasury CARES Act resources for more information.
We will provide current information on this page as more information becomes available.
* Payroll costs are capped at $100,000 per employee.
All loans and lines are subject to credit approval.