CARES Act SBA Loan Programs – Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, was created in part to assist businesses amid the pandemic and economic downturn. The CARES Act enhances existing Small Business Administration (SBA) loan programs and establishes new ones, including the Paycheck Protection Program (PPP), designed to make loans available to businesses that maintain their payroll during this emergency. MidFirst has stopped accepting PPP applications as of 6/27/2020.
For more information about the Paycheck Protection Program, please visit the U.S. Treasury and SBA websites.
Please note the content of this webpage has been created using currently available information, and the SBA continues to clarify the program details and procedures. Information provided is subject to change without notice and MidFirst accepts no liability for any inaccuracies.
Please note that PPP loans are subject to acceptance by the SBA and are funded from a finite dollar amount appropriated by Congress (the “PPP Appropriation”). Additionally, PPP loans are in very high demand. As a result, the successful submission of a complete PPP loan application through MidFirst Bank does not guarantee that such application will either (a) be accepted by the SBA, or (b) ultimately result in the funding of a PPP loan in the event that the PPP Appropriation is exhausted.
Also, MidFirst Bank does not make any representation or warranty with respect to the availability of forgiveness with respect to any PPP Loan. Please consult your application and any related documentation provided by the SBA for information regarding loan forgiveness.