For helpful information regarding the impact of COVID-19 on small businesses visit our Resource Center.


Coronavirus Aid, Relief, and Economic Security (CARES) Act

We're All In This Together.

Amur Equipment Finance (AmurEF) is committed to you and the success of your business. While the news is constantly changing, our mission is to use this page to provide you up-to-date information on the resources made available to your business.  We will be updating this page as new information becomes available, please make sure to check back frequently.

What You Need to Know.

On Friday, March 27th, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act provides more than $2 trillion of emergency economic relief for businesses, individuals, and families affected by the coronavirus pandemic (COVID-19). The full text of the CARES Act can be accessed HERE.

What Is The Paycheck Protection Program?

The Paycheck Protection Program, one of the largest programs created by the CARES Act, specifically authorizes nearly $350 billion in government-guaranteed loans for qualifying small businesses that can, in some cases, be converted to grants (meaning that, if you meet the requirements, you won’t need to pay the loan back).

In brief, the purpose of the Paycheck Protection Program is to provide funding to small businesses to preserve their employees and essential business operations during the economic disruption cause by the COVID-19 pandemic.

Who Is Eligible for A Paycheck Protection Program Loan? 

The Paycheck Protection Program offers loans for small businesses with 500 employees or less, individuals who are self-employed or who operate under a sole proprietorship, 501(c)(3) nonprofit organizations with less than 500 employees, and 501(c)(19) veterans’ organizations.

What Are The Terms Of Paycheck Protection Loans? 

While the Paycheck Protection Program continues to evolve, the current terms of the loans issues the Paycheck Protection Program are:

  • Loan amount equal to the lesser 2.5 month's of qualifying payroll expenses and $10 Million.
  • Interest rate of 1 %
  • Maturity of 5 years (originally 2 years)
  • First payment deferred for ten months, unless loan is forgiven
  • 100% guarantee by SBA
  • No collateral required
  • No personal guarantee required

What Can The Loans Be Used For? 

While the Paycheck Protection Program continues to evolve, the current terms of the loans issued the Paycheck Protection Program are:

  • Qualifying employee salaries 
  • Paid sick, medical or family leave.
  • Costs related to group healthcare benefits during periods of leave.
  • Lease rent and/or mortgage payments.
  • Other qualifying existing debt obligations.

What Is The Paycheck Protection Program Flexibility Act? 

On June 5th, 2020, the President signed into law the Paycheck Protection Program Flexibility Act which includes the following expansions and extensions;

  1. Lowers the required percentage of forgiven loan amounts that come from payroll expenses from 75% to 60%.
  2. Extends the PPP loan forgiveness period to include costs incurred over 24 weeks after the loan is issued (or through 12/31/20 – whichever comes first). Those businesses who received a loan prior to passage of this bill can choose to keep the 8-week forgiveness window under the original program structure.
  3. Extends from June 30, 2020 to December 31, 2020 the date by which businesses must restore staffing or salary levels previously reduced in order to have the full loan amount forgiven. 
  4. Allows forgiveness amounts to be maintained for companies that can document (1) their inability to rehire workers employed who were employed as of February 15 or their inability to find similarly qualified workers by the end of the year or (2) that they could not resume business levels from before February 15 because they were following federal requirements for sanitization or social distancing.
  5. Repeals the provision of the CARES Act that barred companies with forgiven PPP loans from deferring their payroll tax payments.
  6. Allows borrowers to defer principal and interest payments on PPP loans until the SBA compensates lenders for any forgiven amounts (rather than the previous 6-month deferral period). Borrowers that don’t apply for forgiveness would be given at least 10 months after the program expires to start making payments.
  7. You can have up to 24 weeks of payroll costs forgiven, plus up to 40% of that amount if used for other forgivable expenses. If you use less than 60% of loan funds on payroll expenses, you will continue to be eligible for partial loan forgiveness, subject to at least 60% of the loan forgiveness amount having been used for payroll costs.
  8. Changes from 2 years to 5 years the minimum loan maturity period following an application for forgiveness (this only applies to PPP loans issued after enactment of this bill, though borrowers and lenders can agree to extend current loans).

How To Apply For A Paycheck Protection Program Loan? 

AmurEF is now approved by the SBA as a Paycheck Protection Program lender, we are no longer accepting PPP applications as the program ended on August 8th. Please visit the SBA website.

How To Qualify For Loan Forgiveness? 

Visit our Help Center for the Paycheck Protection Program loan forgiveness process HERE.

What Are Economic Injury Disaster Loans (EIDLs)? 

In response to the COVID-19 pandemic, the CARES Act also specifically allots $10 Billion and expands eligibility for Economic Injury Disaster Loans (EIDLs) to provide relief to small businesses from economic injury caused directly by the pandemic. Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply. 

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received.  Eligible agricultural businesses may apply for the Loan Advance here.

How Does The EIDL Program Work? 

The EIDL program will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds can, in circumstances, be made available within three days of a successful application.

  • EIDLs can be approved by the SBA based solely on an applicant’s credit score.
  • EIDLs that are smaller than $200,000 can be approved without a personal guarantee.
  • Borrowers can receive $10,000 emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met do to revenue loss.

Who Is Eligible For An EIDL? 

Eligibility for EIDLs:

  • Sole proprietorships and independent contractors;
  • Private nonprofits including 501(c)(6)s; and
  • Tribal businesses, cooperatives, and Employee Stock Ownership Plans with less than 500 employees.
  • At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. 

What can EIDLs be used for?

  • Fixed debts;
  • Accounts payable; and
  • Employee sick leave.

How To Apply For An EIDL? 

If you are an agricultural business you can Apply Now for an EIDL by visiting here:

For additional information please visit the website.

Sign Up to receive support Updates Available for your Business

By clicking Sign up, I agree to Amur Terms of Service and Privacy Policy.