As of April 16, the $349 billion allocated for the SBA Paycheck Protection Program has been fully exhausted. If you currently have an application in process this does not mean your loan will be denied.
Applicants that have been approved by the SBA can expect to hear from a Fortress Bank commercial banker soon regarding their loan closings. In the meantime, we are continuing to process applications we received with the hope that Congress will provide additional funding for the PPP program.
Please contact your Fortress Bank relationship manager if you have questions or need additional assistance.
The CARES Act of 2020 was enacted to provide financial relief to people and businesses in response to the economic impact the coronavirus pandemic is causing. It is a highly fluid situation and we continue to learn more about the relief programs included in the CARE Act daily.
As an approved SBA Lender, Fortress Bank is available to provide the services small business need to make use of the available relief programs. We are closely monitoring the development of CARE Act programs, and we will update this page periodically with relevant information as it becomes available.
Please contact your current Fortress Bank commercial banker or call your local Fortress Bank branch for more information about any of the programs below.
Paycheck Protection Program
The Paycheck Protection Program is available to existing Fortress Bank customers, to assist with job retention and certain other expenses. If you are considering the PPP program, we recommend you review the following documents:
|Small Business Administration||Senate Committee on Small Business & Entrepreneurship|
Applications for the Paycheck Protection Program may be filed beginning:
|April 3rd||Small businesses and sole proprietorships|
|April 10th||Independent contractors and self-employed individuals|