Treasury and SBA begin unprecedented public-private mobilization effort to distribute $349 billion in emergency funds
The U.S. Treasury Department a short while ago released initial information about the Paycheck Protection Program, linked below. 

More information will come later, but the below provides answers to lots of questions. CBA will continue to provide you with the latest information as soon as we can.

Assistance for Small Businesses
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
·       For a top-line overview of the program HERE
·       If you’re a lender, more information can be found HERE
·       If you’re a borrower, more information can be found HERE
·       The application for borrowers can be found HERE

Additional information is available at  Treasury.GOV/cares
Webinar: The CARES Act and your bank
Perspective from D.C.
Friday, April 3

Bank advocates have been on the front lines of conversations informing lawmakers on the needs of banks and their customers.

Join us for perspective from Washington D.C. provided by Rob Nichols, president and CEO of the American Bankers Association, for details on what your bank needs to know about the CARES Act.

The legislation anticipates that banks of all sizes will serve as the delivery mechanism for much of the relief.

“That’s what banks do.” ABA President and CEO Rob Nichols told the president in a White House meeting last week. “Stick by their customers in good times and challenging times. That’s what all the banks in the United States are doing today.”

When: Friday, April 3 10 a.m.
Cost : Free
Loan terms and conditions

The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
  • Interest rate of 0.5%
  • Maturity of 2 years
  • First payment deferred for six months
  • 100% guarantee by SBA
  • No collateral
  • No personal guarantees
  • No borrower or lender fees payable to SBA

Visit   treasury.gov/cares  for more information on SBA’s assistance to small businesses.

Federal Reserve Bank; Economic update in wake of COVID-19
 
Please join us as Nicholas Sly, Assistant Vice President and Denver Branch Executive of the Federal Reserve Bank of Kansas City, gives a economic update on the U.S. and Colorado economy in the wake of the COVID-19 pandemic.
 
When Thursday, April 2, 10-11 a.m.
Price : $50 members $75 non-members *CBA charge for webinars is not for profit but to cover licensing fees and staff time
Colorado Bankers Association
303-825-1575 | 303-825-1585