Important Update Regarding the CARES Act
March 31, 2020
By now, you are aware that the Coronavirus Aid, Relief and Economic Security (CARES) Act has passed and been signed into law. The Bank of Tampa works directly with the Small Business Administration, and as soon as the program is open and guidance is provided by the SBA, we will be working with our clients to implement the new program. We are staying informed and will update you as we have more information.
While the scope of the CARES Act is wide-ranging, there are programs designed to specifically support small businesses—and others eligible—through COVID-19:
- The Small Business Debt Relief Program is intended to provide debt relief to small business with existing non-disaster SBA loans.
- The Paycheck Protection Program is intended to protect small businesses and their employees by ensuring businesses have the funds available to pay employees and prevent possible layoffs.
- For more information on these programs, as well as others related to the CARES Act, please visit the SBA’s website.
- To review a guide for small business owners on the CARES Act from the U.S. Senate Committee on Small Business and Entrepreneurship, read this document.
Our dedicated team is here to help support you and your business during this time, and to help you identify which SBA programs are best to fit your unique needs. The SBA is finalizing the details and protocols about how these programs will be implemented, and as soon as we have more guidance, along with an application process, we will work with our clients to help facilitate these programs.
We expect high volumes of SBA applications in the coming months and will give top priority to our existing clients at this time.
In the meantime, if you are interested in working with The Bank of Tampa on an SBA loan, or if you have any questions, please reach out to your relationship manager or contact our Client Service Center at (813) 872-1200.
Wishing you the best of health,
William O. West. T. Corey Neil
President & CEO Chief Banking Officer
The Bank of Tampa The Bank of Tampa