CARES Act & SBA Lending Update from CEO, Ed Francis

To Our Valued Customers,

On Friday, March 27, 2020, Congress approved The Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Act includes approximately $2 trillion in assistance to help individuals and businesses regain financial stability and significant expansion of Small Business Administration (SBA) lending under the Paycheck Protection Program, the initiative that provides 100% federally guaranteed loans to small businesses – with banks as an important part of the delivery mechanism.

The U.S. Chamber of Commerce guide on The CARES Act provides an overview for small businesses owners and self-employed individuals who may be considering filing for a loan. We encourage you to view the information offered by the U.S. Chamber of Commerce on our website and have included a few highlights below:

  • InBank is an SBA lender and will be well-positioned to provide SBA loans for those who qualify


  • Who is eligible?
    • A small business with fewer than 500 employees
    • A small business that otherwise meets the SBA’s size standard
    • A 501(c)(3) with fewer than 500 employees
    • An individual who operates as a sole proprietor
    • An individual who operates as an independent contractor
    • An individual who is self-employed who regularly carries on any trade or business
    • A Tribal business concern that meets the SBA size standard
    • A 501(c)(19) Veterans Organization that meets the SBA size standard


  • What will lenders be looking for?
    • The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations
    • The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments
    • Borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here
    • From Feb. 15, 2020 to Dec. 31, 2020, the borrower has not received a loan duplicative of the purpose and amounts applied for here


  • How much can I borrow?
    • Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million

As details continue to emerge, we will share information as it becomes available with the goal of helping you navigate the available assistance programs and other services that you may need during these challenging times.

In the meantime, please visit our Resources page and follow us on social media. And, stay tuned for additional information in the coming days as more details become available.

We’re In This Together,

Ed Francis, CEO, InBank

InBank is a Member FDIC and Equal Housing Lender.


We're In This Together

Committed to strengthening local communities and providing a foundation of support for our customers. Building relationships for today and tomorrow.

Member FDIC and EHL logos