Coronavirus Paycheck Protection Program
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was
passed to help support businesses and families through the on-going novel coronavirus
(COVID-19) pandemic.
In particular, the CARES Act expanded the SBA Section 7(a) loan program, also referred to as the “Paycheck Protection Program” (PPP), which aims to support small businesses. If you would like to apply for a PPP loan with CFG Bank please see the details below and contact us at [email protected].
Our team is happy to answer any questions you may have and guide you through this
process. You can also find our Paycheck Protection Program Loans FAQ here. Please note that priority for these loans will be given to CFG Bank customers. If you are not currently a CFG Bank customer please email us to discuss your need.
Download the CFG Bank MARQ Portal instructions here.
For instructions on calculating revenue reduction, click here.
Uses |
-Payroll -Debt obligations incurred before 2.15.2020 -Utilities -Mortgage Interest -Rent |
Amount |
2.5x business's average monthly payroll |
Rate |
Fixed 1% regardless of business type |
Terms |
Loan payment deferred 6 months loan term 2-years |
Forgiveness |
Up to 100% with approval and compliance to program |
* This information is accurate and updated as of 4.6.2020. Terms and conditions are subject to change.
Loans are subject to approval and availability. Although payments are deferred for six months, interest will still accrue.
