Impacted by COVID-19?Obtain Stimulus Funding Here
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27, 2020. Under the CARES Act the U.S. government created a new type of loan which is fully forgivable and easy to obtain via qualified SBA lenders.
First Western SBLC, Inc. (“PMC”) is a qualified, licensed lender under the SBA and can provide these loans very quickly to qualified businesses.
Paycheck Protection Plan Overview
- On March 27th, the President signed into law Phase 3 of the federal stimulus program, called the CARES Act. Title I of the Act directs funding to small businesses as part of an expansion of the SBA’s 7(a) loan program under a new paycheck protection loan program (PPP).
- Government funds are accessed via 7(a) lenders and 100% guaranteed by the federal government. First Western SBLC, Inc. (“PMC”) is a qualified, licensed lender under the SBA.
- If the 75% of the proceeds are used for payroll and the remaining 25% are essential expenses (payroll, benefits, rent, utilities, and interest), and deployed within 8 weeks of issuance – the loans are fully forgiven.
About PMC Trust
- PMC, via its subsidiary First Western SBLC, Inc., has been a qualified SBA Lender since 1982.
- Qualified as a “Preferred Lender” which is the highest achievable designation under the SBA 7(a) program.