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Paycheck Protection Program

COVID-19 Information Page

The COVID-19 Crisis has affected virtually every part of the US economy, and small businesses are among the most impacted. First Western is committed to helping local businesses navigate these challenging times by assisting our customers and others in our community to access available relief funds. The US Government has recently enacted the Coronavirus Aid Relief and Economic Security (CARES) Act to provide much needed funds to individuals and businesses. The CARES Act includes the Paycheck Protection Program, which was designed to provide up to $349 billion in stimulus funds through business loans made by community banks like ours.

Program Specifics:

  • Loan amount: up to 2.5x average monthly payroll costs 
  • Term: 2 years
  • Interest Rate: 1%
  • Deferral of Payments: 6 months from loan funding date* 
  • Eligible for Forgiveness: Up to 100%** 

 

 PPP Fact Sheet  DOWNLOAD

 

Contact Us:

Northwest Arkansas 479-936-2000
Western Arkansas 800-979-4577 (toll free)
Logan County, Fort Smith, and all other regions 479-675-3000 479-424-2626

 

To learn more about the PPP program, click here:
 
Frequently asked questions regarding the PPP:  https://www.sba.gov/document/support--faq-lenders-borrowers
 
For more information about all SBA COVID 19 LOAN RESOURCES, click here:
 
* Interest will accrue during this deferral period
** Restrictions do apply, ask your loan officer for more information