The SBA announced a they will resume accepting applications from participating lenders for the Paycheck Protection Program on Monday, April 27, 2020 at 9:30 am CDT. See announcements. Blackhawk Bank & Trust is working diligently to reserve funds, however we cannot guarantee every application will receive an SBA submission.
Please be assured have devoted significant resources to delivering this product to Blackhawk Bank & Trust customers in a timely manner and continue to work hard to provide you with the best information and the most convenient solutions possible. We have included some resources below, including a spreadsheet you may use to prepare in advance. Please continue to monitor this web page for future updates.
SBA Loan Worksheet Borrower Application
Additional information that we currently know:
Who can apply:
- Sole proprietorships
- Self-employed individuals
- Independent contractors
- Businesses with 500 or fewer employees
The loan proceeds can be used to cover payroll costs, and most mortgage interest, rent, and utility costs.
Eligible loan amount is lesser of the average of certain fixed monthly payroll costs x 2.5, or $10,000,000.
- Loan payments will be deferred for 6 months.
- No collateral is required.
- Loan may ultimately be completely forgiven.
Applications may be available as soon as Friday April 3rd.
As an SBA Preferred Lender we are continuing to learn all the details in an effort to be ready to support our customers during this time of need. We encourage our customers to keep checking our websites along with the Small Business Association website.