SBA Paycheck Protection Program
Broadway Bank is proud to serve small businesses, especially during difficult times. Our top priority remains to support you and the success of your business, and we thank you for trusting Broadway Bank.
In response to COVID-19, the Small Business Administration (SBA) set aside funds to implement its Paycheck Protection Program as part of the CARES Act through low-rate loans. These can be utilized for normal operating expenses or working capital for existing businesses. This program was instituted by the SBA on the evening of Friday, April 3, and was immediately put into action by local community banks like Broadway Bank. An additional stimulus package in the Paycheck Protection Program passed legislation on Thursday, April 23, to make more funding available for small businesses.
A program of this scale doesn't come without challenges— new direction and guidance are being released daily by the SBA. We recommend visiting the websites below to understand the guidelines and responsibilities associated with this program.
U.S Department of Treasury
U.S. Small Business Department Paycheck Protection Program
We know you are eager to get funded and we want to get you there. Again, we ask you to stay strong—we’re in this together.