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Small Business Lending
CORONAVIRUS (COVID 19) UPDATES
SBA CARES Act Paycheck Protection Program (PPP)
As a preferred Small Business Administration (SBA) lender, EagleBank is participating in the SBA CARES Act Paycheck Protection Program (PPP). We are accepting applications* but we are still waiting on the guidelines, procedures, and policies from the Small Business Administration (SBA) and the Treasury Department. We do not know when these guidelines will be available.
- We are currently assisting existing customers of EagleBank as of February 15, 2020
- Due to the unprecedented volume we are facing, there will be delays in processing.
- Business owners will also need to meet the requirements provided by the SBA to be eligible for these loans, and provide all necessary information and documentation.
Please find a final version of the application here (we will only accept typeset applications, not handwritten). In addition to the application we will need, at a minimum, the following documents:
- P&L (aka Income and Expense report) for 03/31/2019 – 03/31/2020
- Payroll Processor Records
- Payroll Summary
- Payroll Tax Filings
- Breakdown of the mortgage interest, utilities and rent, etc.
Please note, this list is not final and more or less documentation may be required.
Please work directly with your EagleBank Relationship Manager or Branch Representative to securely submit your application and supporting documents.
The following list shows how your loan amounts will be calculated:
(+) Total Payroll Employee1
# of TOTAL employees
(+) Group Health Insurance Premiums
(+) Retirement Benefit Costs
(+) State/Local Taxes on Employee Compensation
(+) Self-Employed Income (and independent contractors)
(-) Excluded Costs
(-) Federal Income Taxes
(-) FICA and Medicare Costs (excluded from calculation)
(-) Qualified Sick and Family Leave
Total Eligible Payroll Costs
(x) Multiply by 2.5
(=) Maximum Paycheck Protection Program Loan
1DO include wages, salaries, commissions, vacation, sick pay, PTO and other similar compensation; do NOT include qualified sick or family leave; do NOT include compensation over $100,000 for any single employee (ex., owner salary is $150,000, only $100,000 is eligible to be included); do NOT include independent contractors (1099 employee payroll)
*Applications for the Paycheck Protection Program are subject to SBA eligibility guidelines.
In the meantime, we are grateful for your interest and especially grateful for your patience. For additional resources including grants and loan programs for small business, please visit the following:
- Economic Injury Disaster Loans (EIDL): (Note: This is a loan between the borrower and the SBA and that the bank is NOT involved.)
- The Three Step Process: Disaster Loans
The SBA is working on additional programs administered by banks but no information is available until signed into law.
Bank-to-Business Lending* (B2B)
We understand that obtaining that critical loan for your business can make all the difference. We also know that time is of the essence. In these circumstances, we can provide expedited loan approval to meet the capital needs of your business.
We offer the following types of credit:
- Purchase, renovation, and refinance of owner-occupied or investor commercial real estate, to include office, retail and industrial properties up to $750,000
- Purchase of new machinery and equipment or other business assets up to $350,000
- Permanent working capital for start-ups or business expansion
- Working Capital Lines of Credit up to $350,000
Small Business Administration (SBA) Loans**
We are an active SBA Preferred Lender, offering a full range of commercial banking products to complement SBA lending solutions. Our experienced SBA Relationship Managers guide you through the eligibility requirements to determine if an SBA loan is right for your business.
Benefits of an SBA Loan:
- Manageable down payments which mean less out-of-pocket funds now
- Longer re-payment terms help improve cash flow by reducing your monthly payment
- No balloon notes, so you have the peace of mind you need to concentrate on your business
SBA Loans answer most business needs:
- Business acquisitions, including franchises and medical practices
- Owner-occupied commercial real estate purchases and renovations
- Leasehold improvements and buildouts
- Equipment, furniture, and fixtures
- Exporting goods and services
- Working capital
We are proud of our excellent past performance and top-ranking status within the SBA's DC Region.
We hope that you will give us a chance to share our expertise to help your business grow and succeed.
**This is not a commitment to lend. A minimum borrower contribution, or down payment, is required; amounts vary by project but are usually 10 percent. Loan terms can vary according to the purpose of the loan. See the SBA National Resource guide at https://www.sba.gov/sites/default/files/2019-02/national-resource-guide.pdf for details.
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