Paycheck Protection Program


The events of the past weeks leave us asking when will this end. As this crisis continues to evolve, our government has engaged all of its resources to help American businesses meet the challenge of the Coronavirus.  Your business has very likely been impacted by the Coronavirus pandemic and Guaranty Bank & Trust (GBT) is here to help!

We have been calling our customers, and if you have not had a conversation and connected with your local GBT banker, please give us a call.  We are very interested to know how you are doing and how we can help!

Right now, we know you have people who are depending on you for their livelihood and that you need money for payroll and other expenses. The government agency that can provide assistance to your business is the U.S. Small Business Administration (SBA). 

SBA Programs

The SBA Economic Injury Disaster Loan (EIDL) program can provide your business that has been impacted by the Coronavirus with long-term, low-interest rate loans of up to $2 million at 3.75%.   Apply online at www.SBA.gov/disaster.  You must contact SBA directly in order to receive EIDL financing.

Through Guaranty Bank & Trust, the SBA 7(a) Paycheck Protection Program (PPP) can also help your business with loans of up to $10 million at an interest rate of  1.00%. This program was a part of the federal stimulus package known as the CARES Act.   The PPP is for businesses with 500 or less employees, and funds can be used for payroll, benefits, and other expenses.  The loan size is based on 2 ½ months of average business payroll related expenses calculated over the past 12 months.  Borrowers can receive a credit against the loan balance for keeping employees on the job.  Payroll receipts are submitted to the Bank and SBA in order to receive this loan forgiveness payment from the SBA.  The PPP loan program details are available on the SBA website at www.SBA.gov .

With either program, you will be required to outline and certify how your business has been adversely impacted by the Coronavirus.  If your business has not been adversely impacted, please consider the regular SBA 7(a) program.

To get the process started for an SBA loan with Guaranty Bank & Trust:

Apply online or please contact your local Guaranty Bank & Trust Banker.  See our website at www.gnty.com for a list of locations and GBT Bankers. Your GBT Banker will be your contact for SBA loan programs and they will work with the Guaranty Bank & Trust SBA Department. 

Guaranty Bank & Trust is your business partner and we stand ready to help you during this crisis.  Please let us know how we can help!

We are currently accepting Paycheck Protection Program Loan Applications for current business customers only.

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