(April 3, 2020) The U.S. Small Business Administration has begun accepting applications for Paycheck Protection Program loans.
This is the program that we first described on March 30th. Under the CARES Act, resorts and other businesses with fewer than 500 employees are eligible for a Small Business Administration (SBA) guaranteed loan. Repayment will be forgiven to the extent that the loan proceeds are used for payroll (wages, salaries, healthcare costs, retirement costs, taxes, and related costs), commissions, interest on mortgage loan obligations and other debts, rents, and utilities.
More detailed information is available in this SBA fact sheet:
Here is the online SBA application form for PPP loans: https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application_0.pdf
Resort board members and managers should reach out to their professional advisors for assistance in arranging loans through SBA lending institutions.
Alliance Association Bank is providing SBA lending for the Paycheck Protection Program to their current banking clients. For information, contact: Stacy Dyer, Senior Managing Director, HOA/Timeshare HOA, 843-637-7181, SDyer@allianceassociationbank.com.
Here are some direct links to PPC lender applications:
Bank of America
JpMorgan Chase
https://recovery.chase.com/cares1
PNC. Bank
https://commercialstore.pnc.com/PaycheckProtectionProgram/contact
Contact TBMA at staff@tbmassoc.org if you have additional links to share.