CARES Act

CARES Act Header

Citizens Business Bank is a Small Business Administration (SBA) preferred lender, and our SBA Group is committed to helping your small business apply for economic relief. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is intended to provide emergency economic assistance for businesses that are impacted by COVID-19.

Paycheck Protection
Program 7a (PPP)
Economic Injury Disaster Loan 7b (EIDL)
Where Do I Apply? At your Business Financial Center No bank involvement in application process. Apply directly online at sba.gov/disaster
When Can I Apply? April 3, 2020
Small businesses and sole proprietorships
April 10, 2020
Independent contractors and self-employed
You can apply for this loan today
Maximum Loan Amount Up to $10 million Up to $2 million, plus $10,000 grant
Rates for Businesses 1% fixed 3.75% fixed
Rates for Private Non-Profits 1% fixed 2.75% fixed
Amortization 2-year amortization 15-year or 30-year amortization
Borrower Fee No borrower fees No borrower fees
Personal Guaranty No personal guaranty May not be required
Collateral No collateral taken by lender Case-by-case basis
Payment Due First payment due six months after loan origination.
Interest will accrue during this period
First payment due eleven months after origination date.
Interest will accrue during this period.
Loan Uses Payroll costs, rent, interest on mortgage and utility bills. Any individual salary that exceeds $100,000 is excluded for the portion over $100,000 Funds can be used for financial obligations and expenses that could not have been previously met
Debt Forgiveness Options A portion of the loan may be forgiven.
All funds must be for qualified uses stated above in order to be forgiven.
Additional documentation for forgiveness will be required from the borrower within 90 days after the covered period
(2.15.2020 through 6.30.2020).
The payroll forgiveness amount is likely to be determined by the number of employees that are retained through the downturn. Additional information will be provided once lenders receive guidance from the SBA.
Does not have to be repaid if utilized for payroll expenses

Contact Your Business Financial Center or the SBA Group | 866.465.4SBA


Businesses may apply for the PPP and EIDL but the funds cannot be used for duplicative purposes.
SBA