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to inform users of SBA loan information

SBA Loan

Paycheck Protection Program

Paycheck Protection Program – What is it?

The SBA Paycheck Protection Program is a program through the U.S. Small Business Administration passed into legislation on March 27, 2020 as part of the CARES Act to help businesses that have been impacted by COVID-19. The program is designed to provide small businesses access to capital for payroll and other overhead costsFunds are limited and subject to availability from the SBA. For more details of the program visit the

Features of the Paycheck Protection Program

  • Loan amounts up to 2.5x average covered monthly payroll costs (not to exceed $10 million)
  • No fees
  • No prepayment penalties
  • No business collateral or personal guarantee required
  • Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered eight-week period after origination
  • Payments are deferred for six months

Who is Eligible?

  • Businesses and entities in operation on February 15, 2020
  • Small Businesses, 501(c)(3) nonprofits, 501(c)(19) veterans organizations or tribal business concerns that have fewer than 500 employees or otherwise meet the SBA size standard
  • Businesses in the accommodation and food service sector that employ 500 or fewer employees per physical location
  • Businesses who have already received an Economic Injury Disaster Loan (EIDL) but have not used it for the same purpose

Two Rivers Bank & Trust appreciates our partnership with the Small Business Administration and the U.S. Treasury Department that helped us get set up so quickly, so that we can begin to help our clients in need.

You will need to meet this criteria for applying for the Paycheck Protection Program through Two Rivers Bank & Trust:

  • You have an existing Two Rivers Bank & Trust checking account that’s been active since February 15, 2020
  • You are authorized to borrow on behalf of the business
  • You haven’t already received a Paycheck Protection Program loan from Two Rivers Bank & Trust and you haven’t applied for one from another financial institution
  • The minimum loan amount is $1,000, and the maximum amount is determined based primarily on your payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to your affiliated companies
  • You should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL)
  • Other restrictions may apply

The loan may be eligible for forgiveness, but subject to SBA requirements

  • Forgiveness is not automatic. You may request forgiveness of some or all of the principal balance of the loan. Forgiveness is only available if you use the funds for certain purposes as permitted by the SBA. If you request forgiveness, you must provide documentation, and must certify, that the loan funds were used for SBA-qualifying purposes. The amount forgiven may be subject to certain limitations and reductions in certain circumstances; for example if you have reductions in number of employees or employee compensation, and only 25% of the forgiven amount may be for non-payroll purposes.
  • The borrower will be responsible under the loan for any amounts not forgiven.
  • The SBA may limit the timeframe by which you’ll need to ask for forgiveness.

If you already submitted an inquiry, and are signing in to complete your application, you will be prioritized in the order of your inquiry submission. If your application is approved, you will be notified by email when to expect funding of your loan.

If your Paycheck Protection Program loan is approved, Two Rivers Bank & Trust will deposit your funds into your checking account.