Reported illnesses have ranged from mild symptoms to severe illness and death for confirmed coronavirus disease 2019 (COVID-19) cases.
These symptoms may appear 2-14 days after exposure (based on the incubation period of MERS-CoV viruses).
Fever Cough Shortness of breath
Here to help your business
through the crisis
SBA Paycheck Protection Program
The information in this document is based on the interpretation of the CARES Act as presented on 3/24/20.
20-0136 / rev 032820
Specific Loan Conditions of this Program:
• No personal guarantees, no “credit elsewhere” test, no
collateral requirement, no prepayment penalty, interest
rate 4%, maximum maturity of 10 years for any loan
amount not forgiven
• Presumption borrower is adversely impacted by
Coronavirus Waiver of affiliation rules
• Small and mid-sized businesses, including sole
proprietors and self employed
• Not greater than 500 employees; or if in NAICS Code
72, accommodations, restaurants or franchises, the 500
employee test is per physical location
• Loan must be used for primary purpose of: (1) retaining
workers and (2) maintaining payroll or to make (a) mortgage
interest; (b) rent (including rent under lease agreement);
(c) interest on other debt obligations entered prior to
covered period, and (c) utility payments (or both)
Payroll costs are sum of the gross amount of the following:
(1) salary, wages, commissions or similar; (2) cash tips;
(3) vacation, parental, family, medical or sick leave; (4)
allowance for dismissal or separation; (5) healthcare
benefits (including premiums); (6) retirement benefits; (7)
state or local taxes
Loan Deferral and Forgiveness:
• City National Bank will provide for complete payment
deferral for at least six (6) months and up to one year
• Loan forgiveness amount to be based on total
employees retained or re-hired as of June 30, 2020
versus the impact date of February 15, 2020
No personal guarantees.
No collateral requirements.
Low fixed rate which will be deferred
and included in eligible Forgiveness.
City National Bank is an approved lender for this new and one-time program!
SBA Paycheck Protection Loan Program: Qualifying Loans Under This Program Will Have Automatic
Deferment of Payments and Will Be Eligible for