The loans can be forgiven if a business maintains its payroll for eight weeks at employees’ regular salary levels and uses the loan proceeds for qualifying purposes. This data represents about 13% of the 4.8 million loans and about 73% of the $521 billion approved under the PPP to date. (If your loan was disbursed before June 5, 2020, you can also choose an 8-week period to spend your PPP loan funds on SBA forgiveness eligible expenses.) Our bankers are here to provide superior customer service—whether at a branch, online, or over the phone. The $27 billion-asset Flagstar, which has historically focused on mortgages, has made more than 3,000 PPP loans totaling $380 million. Customers also notes that if you have an existing SBA loan, the SBA will cover the next six months of principal and interest starting April 2020 (for 7A and 504 loans.) Financing that’s tailor-made for smaller businesses. An agent is standing by to help with your questions. Bank of America meets all SBA Preferred Lender Program eligibility criteria, including proficiency in processing and servicing SBA-guaranteed loans. Small Business Administration (SBA) Loans. We’d like to hear from you. Supported by the U.S. Small Business Administration, this small business loan is a more accessible option to get the capital you need and put your plans into motion. On December 21, 2020, Congress passed the Consolidated Appropriations Act to provide emergency financial assistance for American workers and small businesses, and on December 27, it was signed into law. 1 And with a servicing portfolio that exceeds $100 billion in home loans, we have the knowledge and expertise to ensure the smooth transfer of your loan. Warning: you have JavaScript turned off in your web browser. To learn more about how Comerica can help you grow your business, contact one of our SBA loan officers. Less money down (up to 90% financing) Longer loan payback time (up to 25 year terms) Possibility of no balloon payments; fully amortized loans The CARES Act and SBA Paycheck Protection Program help small businesses seek economic support from the COVID-19 pandemic. Talk to a small business specialist by phone or in person to get a recommendation and start your application. The data in this database was published by the Small Business Administration (SBA) on July 6, 2020 and includes all approved, active Paycheck Protection Program (PPP) loans worth $150,000 or more. The loans are to be used to pay employees and overhead and can be forgiven, entirely or in part. Features include 1,2. At Flagstar Bank, we know that every customer is different, which is why we take a personalized approach to handling your loan. TO BE ELIGIBLE FOR AN SBA LOAN, YOUR BUSINESS SHOULD: Meet established lending requirements and obtain credit approval, Have a satisfactory business and personal credit history, Be profitable with sufficient cash flow to meet both your new and current financial obligations, Have adequate business income to support the term loan with no reliance on investment income, Apply for a small business loan at your local, Vision, Guiding Principles, and STAR Values, Corporate Responsibility Community Report, Flagstar Mortgage Tech Accelerator Program. Here are the highlights and takeaways of the Payment Protection Program from Fifth Third Bank. About qualifying for an SBA loan. SBA Loans. However, you must have a minimum credit score of around 720 to qualify. Small Business Administration loans,1 or SBA loans, are designed with your entrepreneurial dreams in mind. Based on standard PPP eligibility rules, Tringali Sanitation's total 2019 payroll expenses were approximately $3.47M in order to qualify for the PPP loan amount received. First Command Bank AK First Federal Savings & Loan Association of Port Angeles d/b/a First FederalAK First Federal Savings Bank of Twin Falls AK First Financial Bank, ... Flagstar Bank, FSB AL Focus Bank AL Fortis Private Bank AL Fountainhead SBF LLC AL Franklin Bank & Trust Company AL Franklin Synergy Bank … You should carefully evaluate your particular circumstances to determine if utilizing the full available 24-week period would be beneficial to you in maximizing your loan forgiveness. We're also a leader in the servicing business-recognized by Fannie Mae as a STAR performer four years in a row. Among other things, this legislation opens the door to a second round of forgivable Paycheck Protection Program loans for small businesses that have been hardest hit by the coronavirus pandemic. We offer four competitive business checking accounts to suit businesses of all sizes. Data for those and cancelled loans is not included in this database. Unlike many other construction lending institutions, we maintain direct contact with you and the general contractor through the life of the construction funding. Review, approve, structure, and finalize commercial/construction real estate, equipment leasing, SBA, C&I loan documents required for all new, renewal, modification and extension loan requests. Email or, if you need to reach us securely, visit Within this Act, the government authorized the Small Business Administration (SBA) to back Paycheck Protection Program (PPP) loans through local lenders. I have information about a company or loan in this database, I’ve identified data that is wrong or outdated. In fact, shifts by retail-focused regionals like Flagstar could be the bigger threat to banks that are already involved in SBA lending. The first round of dollars from Flagstar Bank’s planned $10 ... the community who told us small businesses—especially micro-businesses—needed grant money to help them qualify for SBA loans. If you identify information that you believe to be incorrect or outdated, let us know. Small Business Administration loans, 1 or SBA loans, are designed with your entrepreneurial dreams in mind.