On March 27, 2020, the United States Congress passed, and President Trump signed, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) 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 by providing 100% SBA guaranteed loans which can be forgiven if eligible. Specifically, it is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. However, only a limited amount of such loans are available and our business clients are encouraged to apply soon.
Fremont Bank is a SBA Preferred Lender, and we are participating in the program. Demand for these loans has been significant, and we've been very busy processing applications.
With the second round of funding approved, please know the following:
We are currently reviewing applications for existing and new Fremont Bank business clients as quickly as we can. We will continue to process PPP applications until the SBA PPP designated funds are depleted.
- We will provide PPP loans for as many of our clients as possible, and will contact you when we are able to process your application. Please note that Fremont Bank uses a special fillable application, so you may want to wait before completing the application form on the SBA site.
- If you are interested, but have not yet contacted us, please provide us with some general information here.
- We are currently not accepting PPP applications in branches. However; if you are interested in opening an account, or would like to speak with a personal banker, please visit one of our convenient branch locations.
We understand the urgent needs for financing, and we want to get these funds into our community ASAP. We are working as quickly as possible, and pulling in staff from across the bank to help process loans. We also recognize the anxiety you may be feeling about whether funds will be available for you and your business through PPP. While we have no control over the amount of Congressional funding for the PPP, we will continue to work tirelessly to ensure as many small businesses as possible secure financing through the program.
As not all businesses will qualify, or otherwise be able to receive funds through PPP, we remind you that there are various other relief options available, including EIDL loans from the SBA and customized payment deferral options. These loans are subject to SBA rules regarding the PPP and not all applications may be approved.
Thank you for your patience, partnership, and perseverance as we work through these challenging times.