Platinum Bank is Standing Ready to Support Our Clients and Business Communities
On Friday, March 27, 2020, legislation was passed and signed into law that will undoubtedly provide much needed support and relief for small business. The CARES (Coronavirus Aid, Relief, and Economic Security) Act is set to provide $2.0 Trillion in new spending to assist business and people as we battle through Covid19.
The Risk Management Association (RMA) has created a comprehensive CARES Act summary that can be found here.
What’s next? Those new laws head to the agencies set to oversee them and committees whose job is to interpret them. Once authorized, the rules and guidance will be written and communicated to the Banks authorized to administer the program. Given the urgency to get dollars into small businesses hands, we expect those rules to be written very quickly.
How can your business be ready to go? Make sure your financial records are up to date. This should include a detailed 12-month breakdown of your payroll records, as we believe this information to be the primary driver in determining the amount of eligible loan funds and amounts potentially forgiven under the CARES Act.
In the coming days, once these programs are ready, we will publish a checklist that will include all items necessary to move forward with application and funding under the CARES Act.
As a seasoned and preferred SBA lender – Platinum Bank will be ready when the programs are.
For more information, or to be added to these communications, contact one of our business bankers today at 651.332.5200.