Paycheck Protection Program
On April 24, 2020 legislation allocating an additional $320 billion to the Paycheck Protection Program was signed into law. As a result, beginning Monday, April 27, 2020 M&F Bank will resume accepting applications for PPP on behalf of our existing customers. Once again, we urge applicants provide complete and thorough information and to do so as quickly as possible. It is widely anticipated that this round of funding may be depleted even more quickly than the first. We encourage you to contact your relationship manager or branch manager with any questions related to applying for PPP funds.
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
Guidelines specific to M&F Bank are as follows:
- The PPP is for existing M&F Bank customers only.
- M&F Bank customers cannot be in default on an existing loan or have a previous charge off with the bank.
- Salaries over $100,000 are not eligible to participate (see checklist instructions).
- We will process PPP loan requests up to $1MM.
- Customers must submit detailed payroll records to apply for the program.
When you are ready to submit your application, please be certain you have included all items on the checklist. Only complete applications can be submitted. Once you have gathered all of your information and filled out your application completely, please send it your relationship manager or branch manager. If you are unsure about who your relationship or branch manager is, please send your application to firstname.lastname@example.org.