PPP Stimulus Money

State Bank of Ceylon is not an SBA lender but is partnering with Veem to help our customers get funding. As of now, the first round of PPP stimulus money has been fully distributed — but Congress is expected to allocate more money to the program. In the meantime, this is your guide to the ins and outs of the PPP, including everything you’ll need to get an application ready to go once the program is open.

Paycheck Protection Program at a Glance

How Can These Funds Be Used?

Payroll costs (salary, wages, commission, tips)

Employee benefits (healthcare benefits, vacation, and more)

Mortgage interest payments (not including payments on the mortgage principal)

Rent

Utilities

Interest on any other debt obligations (that took place before February 15, 2020)

Loans used to cover these costs will be 100% forgiven if at least 75% of the loan is used toward qualifying payroll costs. If funds go toward any non-covered expenses, then that portion will not be forgiven.

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