myprobank.com/cares

What is it for? ‣ Allows for economic assistance for those

businesses who employ 500 or fewer

‣ Provides a strong incentive for you to retain your employees

‣ Helps you cover your near-term operating expenses

‣ Allows deeply affected businesses to ‘hibernate’ through the worst of a crisis without having to make drastic changes.

How do I apply? ‣ Professional Bank is a Lending Partner

for this loan, so you can apply directly through your Banker

Key Benefits ‣ Up to $10 million may be available

‣ For payroll and continued business operation

‣ Funded through Professional Bank

‣ 1% Interest Rate with a term of 2 years

‣ No personal guarantee or collateral requirement

‣ A portion of the loan can be forgiven

As a member of the South Florida community for more than a decade, it pains us to see how this Coronavirus crisis has hit our friends and neighbors. We’ve been with you through some turbulent hurricane seasons, and stand ready to help you and your business weather this new kind of storm.

We’ve put together this helpful guide to show the resources available for small businesses like yours.

Resources for Small Businesses

Paycheck Protection Program A one-time emergency loan administered by the Small Business Administration (SBA) under the CARES Act. Professional Bank is a Lending Partner for this loan program.

Professional Bank does not administer loans through this program and has no ability to affect the outcome of any application. Loans made under this Program are subject to the SBA loan program criteria and eligibility.

Together, we are stronger.

COVID-19

What is it for? ‣ Covers immediate expenses while you

apply for longer term loans (like the other two on this page)

‣ For small business owners located in all Florida counties, and who own (individually or collectively) at least 51% of an eligible business.

How do I apply? ‣ Online through

floridadisasterloan.org

Key Benefits ‣ $25,000 for businesses with less than 2

employees

‣ $50,000 for businesses with between 2 and 100 employees

‣ Up to $100,000 loans can be made for special cases

‣ Loans are interest free for the one year term of the loan

‣ All loans will be due one year from the date of the promissory note

Florida Emergency Bridge Loan Program A short-term interest-free loan provided through the Florida SBA that is linked to other financial sources and intended to ‘bridge the gap’ between the time a major catastrophe hits and when you can secure longer term resources.

What is it for? ‣ Helps you cover costs above what the

other payment relief options do not cover.

‣ Can be used for a number of expenses, including working capital

How do I apply? ‣ Directly through the SBA website at

sba.gov/disaster

‣ Note that the website is struggling to deal with requests, and may take a while to access

Key Benefits ‣ Businesses are eligible to apply for an

Economic Injury Disaster Loan advance of up to $10,000

‣ The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue.

Federal Disaster Loan Assistance When payment relief may not be sufficient, the SBA is offering disaster loan assistance via a national funding pool.

Professional Bank does not administer loans through this program and has no ability to affect the outcome of any application. Loans made under this Program are subject to the SBA loan program criteria, state requirements and eligibility.  Homeowners and Renters may be eligible for economic injury disaster loan assistance under this program.  To learn more, go to the SBA website. Details are still being finalized under the CARES Act and may

require additional documentation and/or eligibility requirements.  The Program and its availability are subject to the SBA loan program criteria as well as Professional Bank’s loan product credit and underwriting requirements.

Last updated April 3, 2020 @ 12:00pm