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Coronavirus Small Business Assistance: Paycheck Protection Program

Learn more about the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Cadence Bank is committed to helping small businesses maneuver COVID-19 relief options. As you work to support your own employees and customers during this pandemic, we’re here to offer assistance and help you navigate your financial concerns.

 

The CARES (the Coronavirus Aid, Relief, and Economic Security) Act was passed into law on March 27, 2020. This $2 trillion-dollar act includes a significant provision known as the Paycheck Protection Program (PPP), which set aside $350 billion in financial relief to help small businesses during this economic downturn. On April 24, lawmakers approved an additional $310 billion in funding for the Paycheck Protection Program.

 

The program, managed by the Small Business Administration (SBA), provides 100% federally guaranteed loans to small businesses with 500 or fewer employees to assist with payroll, healthcare costs, rent, utilities and mortgage interest.

 

As an SBA preferred lender, Cadence Bank is facilitating Paycheck Protection Program loan applications. Please contact your Cadence Bank Relationship Manager for assistance.

 

 

 

PPP Loan Forgiveness

 

As established in the CARES Act, the Paycheck Protection Program loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities.

 

We will be processing loan forgiveness applications via our online portal, launching soon. Contact your Cadence Bank Relationship Manager to learn more.

 

 

 

Additional information on Cadence Bank’s COVID-19 Operational Resiliency Plan can be found here.

 

 

 

 

 

 

 

 

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