BRYAN, Tex. (KBTX) - Commerce National Bank is stepping up to assist small businesses in the Brazos Valley during this COVID-19 pandemic.
The bank will be providing loans through the recently signed CARES Act to help stimulate the local economy. The loans from the small business section of the $2 trillion legislation.
Businesses with fewer than 500 employees can apply for the Payroll Protection Program.
“The government will take care of your fixed costs for two-and-a-half months if you will keep your business open and don’t lay off your employees,” John Flynn with Commerce National Bank said. “If you don’t lay off anyone for four months, the entire loan will be forgiven.”
The Small Business Act fees are being waived and no personal guarantee or collateral is required. Business owners must commit to having the same number of employees on their payroll as they did on Feb. 15.
“All companies need to provide are a few documents.” These include three years of financials, a payroll list, rent expenses and utility bills. “We’ll handle all the paperwork,” Flynn said.
More information about how to apply for the loans through Commerce National Bank can be found here.