CARES Act - SBA Paycheck Protection Program | AMERANT

These are general guidelines and are subject to change through the final rulemaking and eligibility requirements from the U.S. Small Business Administration (SBA). Changes governed by the SBA may impact application dates and potentially delay the application process.

Your Small Business Resource for the CARES Act

Passed by congress and signed by President Trump into law, the $2 trillion economic assistance package includes a new $349 billion loan program created by the Small Business Administration (SBA) called the Paycheck Protection Program. It will be administered under the SBA’s Section 7(a) program and offers 100% government guarantee on this loan.

Amerant is proud to participate in the Paycheck Protection Program and support our customers during this critical time.

As of 10:30AM, April 27, 2020, the Small Business Administration (SBA) announced that additional funding in the amount of $310 billion dollars has been approved by Congress as part of the CARES-Act Paycheck Protection Program Part II. Amerant is actively processing existing and new applications through the SBA in the order they’re received. Applicants who have already submitted their loan applications and have received an SBA authorization number will receive funding.

If you have any questions or concerns, please contact your Banking Specialist for the most up-to-date information on the status of your loan request.

As always, thank you for choosing Amerant as your trusted financial advisor.

To expedite the application process, we invite you to reference the Resource Center below for important information, program overview, application, and more. Please ensure that your information is as accurate as possible on all of the documentation being submitted, in order to properly calculate the loan amount. Inaccurate data may jeopardize approval as set by the SBA guidelines.

 

To see our latest updates on Coronavirus (COVID-19) CLICK HERE

 

Resource Center

 
Who is eligible?
  • Small businesses under 500 employees, including full-time, part-time and other status, or meeting SBA size standards per NAICS codes
  • 501 (c)(3) non-profits with less than 500 employees
  • Sole Proprietors and independent contractors
  • Veterans organizations
  • Tribal organizations
Program Overview

 
What are the benefits?
  • Borrow up to $10,000,000
  • Term: 2 years
  • Interest Rate: 1%
  • No Guarantee fees
  • No Prepayment Penalty
  • No Collateral Needed
  • Loan may be forgiven and/or deferred
  • No “Credit Elsewhere” Requirements
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Calculate Loan Amount

 
What will I need to prepare?
  • Year-to-date 2019 payroll, along with payroll for the previous 12-month period
  • Health insurance premiums paid by you (business owner) for a group health plan during 2019
  • Retirement plan contributions paid to your employees
Application

 
Who do I contact?
  • Please reach out to your banking officer or call us directly at:
    1-888-629-0810
  • To schedule an appointment, visit our Locations page
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