Notice: Paycheck Protection Program closed August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.
Information on loan forgiveness can be found HERE.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $660 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Small businesses and sole proprietorships—generally, those with 500 or fewer employees. PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.
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Have additional questions? E-mail us at email@example.com, call 1-877-879-3622 or reach out to a member of our Business Banking Team or Community Office Manager.
(Guidance and spreadsheets are subject to change as we receive more specific SBA Guidelines.)
PPP FORGIVENESS INFORMATION
PPP LOAN APPLICATION
(Program ended August 8, 2020)
PPP faq (SBA)
For the latest information on the Payroll Protection Program, please visit the U.S. Department of Treasury website.
Main Street Lending Program
FNCB Bank is a participating lender in the Federal Reserve's Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. For more information, contact Brian Mahlstedt, Chief Lending Officer at 570-348-4816 or firstname.lastname@example.org
Economic Injury Disaster Loan (EIDL)
In addition to the Paycheck Protection Program loan, the U.S. Small Business Administration (SBA) is also offering an Economic Injury Disaster Loan (EIDL) to small business owners. You can apply for this low-interest, federal disaster loan directly through the SBA.
The City of Scranton Small Business Relief Loans
The City of Scranton has established $560,000 Small Business Relief Program to assist the temporary loss of revenue due to COVID-19. This economic support offers two funding opportunities. Qualified for profit small businesses may apply for the following:
$275,000 - Grants of $2,500 per business
$285,000 - Loans of $3,000 up to $20,000 per business
PA Coronavirus Small Business Assistance Program
Governor Wolf recently announced the PA Coronavirus Small Business Assistance program. MetroAction is one of the 17-member CDFIs that make up the PA CDFI Network and will be administering this program.
Businesses will be eligible to apply when applications open if they have annual gross revenues of $1 million or less AND have no more than 25 full time equivalent employees (FTE).