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Improve Your Financial Well-Being with CARES Act Support

As a business owner, you may have concerns around your financial well-being during this difficult time. First United is committed to partnering with the Coronavirus Aid, Relief, and Economic Security (CARES) Act to support you through this crisis.

Congress recently passed the Paycheck Protection Program administered by the Small Business Administration (SBA). The main goal of the program is to help small businesses cover their near-term operating expenses during the worst of the crisis and to provide a strong incentive for employers to retain their employees. The loan proceeds from this program can be used for Paycheck, healthcare, rent, mortgage, utilities, and interest on debt.

Eligible borrowers include the following:

  • Small business as defined by the SBA size standards (typically 500 employees or less).
  • Non-profits with fewer than 500 employees who are 501(c)3s including Churches.
  • Sole proprietors, the self-employed, and independent contractors.

The Paycheck Protection Program provides loans for 2 ½ months of paycheck costs with a 100% government guarantee. The regulatory process is designed to be user-friendly and loan forgiveness is available based on meeting specific criteria including:

  • Loan amount cannot exceed $10 million.
  • Paycheck costs exclude compensation paid to individuals, including the self-employed, above $100,000 a year.
  • Employers must certify that they will maintain their average full-time equivalent employment, and incentives exist to re-hire employees if they have been furloughed.
  • Borrowers will have a portion of their loan forgiven in the amount equal to their Paycheck costs (excluding costs for compensation to those earning more than $100,000 annually), interest payments on mortgages, and rent and utility payments between February 15 and June 30, 2020.
  • Loan forgiveness will be reduced if the borrower reduces employment (by a ratio similar to their reduction in employment) or if the borrower reduces salaries and wages by more than 25%.

If you are a current First United customer or located within one of our markets and you are interested in learning more about the Paycheck Protection Program, please call your local First United.

Our Customer Care line is experiencing higher than normal call volume so please call your First United location directly.

As a business owner, you may have concerns around your financial well-being during this difficult time. First United is committed to partnering with the Coronavirus Aid, Relief, and Economic Security (CARES) Act to support you through this crisis.

Congress recently passed the Paycheck Protection Program administered by the Small Business Administration (SBA). The main goal of the program is to help small businesses cover their near-term operating expenses during the worst of the crisis and to provide a strong incentive for employers to retain their employees. The loan proceeds from this program can be used for Paycheck, healthcare, rent, mortgage, utilities, and interest on debt.

Eligible borrowers include the following:

  • Small business as defined by the SBA size standards (typically 500 employees or less).
  • Non-profits with fewer than 500 employees who are 501(c)3s including Churches.
  • Sole proprietors, the self-employed, and independent contractors.

The Paycheck Protection Program provides loans for 2 ½ months of paycheck costs with a 100% government guarantee. The regulatory process is designed to be user-friendly and loan forgiveness is available based on meeting specific criteria including:

  • Loan amount cannot exceed $10 million.
  • Paycheck costs exclude compensation paid to individuals, including the self-employed, above $100,000 a year.
  • Employers must certify that they will maintain their average full-time equivalent employment, and incentives exist to re-hire employees if they have been furloughed.
  • Borrowers will have a portion of their loan forgiven in the amount equal to their Paycheck costs (excluding costs for compensation to those earning more than $100,000 annually), interest payments on mortgages, and rent and utility payments between February 15 and June 30, 2020.
  • Loan forgiveness will be reduced if the borrower reduces employment (by a ratio similar to their reduction in employment) or if the borrower reduces salaries and wages by more than 25%.
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