This loan will provide economic relief to small businesses and non-profit organizations
that are currently experiencing a temporary loss of revenue.
  • In response to the Coronavirus (COVID-19) pandemic, small business owners and non-profit organizations in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan (EIDL).

  • EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue.

  • EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.

  • SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications on June 15 to all qualified small businesses, including U.S. agricultural businesses.

  • The new eligibility for U.S. agricultural businesses is made possible by new authority granted by Congress in response to the COVID-19 pandemic. 


If you have already applied, please do not resubmit your application.

Eligible small businesses, private-nonprofits and agricultural businesses may apply for the EIDL here.

COVID-19 DISASTER LOAN PROGRAM - Paycheck Protection Program (PPP)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently passed to provide emergency relief for small to medium-sized businesses disrupted by COVID-19. As a trusted community bank and SBA Preferred Lender, Nexxus Pro is facilitating this relief and accepting applications to the program.

Additional information about the CARES Act and Paycheck Protection Program is available from the US Department of the Treasury and US Small Business Administration (SBA).

You can also read the FAQ below.





Up to $10 million for payroll, rent, mortgage interest, or utilities.


1% annual percentage rate with a maturity of 2 years and first payment deferred for 6 months. No fees.


Retroactive from February 15, 2020, through June 30, 2020


No collateral or personal guarantees are required.


Up to 100% if proceeds used for designated expenses while maintaining salaries and headcount for 8 weeks.


Most businesses and nonprofits with 500 or fewer employees as prescribed by the SBA (employee count exceptions may apply.)

Accepting applications starting April 3, 2020. All terms subject to change based on the latest updates from the US Small Business Administration


What is the Eligibility for the Economic Injury Disaster Loan (EIDL)?

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.

Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

Are Faith-Based Organizations, including houses of worship, eligible for the PPP or EID Loans?

Yes, and we additionally clarify that faith-based organizations are eligible to receive SBA loans regardless of whether they provide secular social services. That is, no otherwise eligible organization will be disqualified from receiving a loan because of the religious nature, religious identity, or religious speech of the organization. The requirements in certain SBA regulations— 13 C.F.R. §§ 120.110(k) and 123.301(g)—impermissibly exclude some religious entities. Because those regulations bar the participation of a class of potential recipients based solely on their religious status, SBA will decline to enforce these subsections and will propose amendments to conform those regulations to the Constitution. Although 13 C.F.R. § 120.110(a) states that nonprofit entities are ineligible for SBA business loans (which includes the PPP program), the CARES Act explicitly makes nonprofit entities eligible for the PPP program and it does so without regard to whether nonprofit entities provide secular social services. You can download more information here.

What is the Paycheck Protection Program?

The Paycheck Protection Program (PPP) is a US Small Business Administration (SBA) loan designed to help businesses maintain their workforce during the Coronavirus (COVID-19) crisis. PPP was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. PPP loans will be fully forgiven if certain conditions are met.

When is the Paycheck Protection Program available?

The PPP is available retroactive from February 15, 2020 (so employers can rehire their recently laid-off employees) through June 30, 2020, or until the funds made available for the Program are exhausted. Applications from small businesses and sole proprietorships will begin processing on April 3, 2020, while applications from independent contractors and self-employed individuals will begin processing on April 10, 2020.

Is my organization eligible for the Paycheck Protection Program?

PPP loans are generally available to all businesses and nonprofits with fewer than 500 employees. The SBA’s size standards allow for businesses in certain industries to be eligible while employing more than 500 employees. Businesses in the hospitality and food industries may be eligible at the store level. Please speak with a Cross River Bank representative to determine your eligibility.

Is collateral required?

PPP loans are unsecured. No collateral or personal guarantees are required.

What are the terms of foregiveness of Paycheck Protection Program loans?

PPP loans may be fully forgiven if at least 75% of funds are used for payroll costs and the remaining funds are used for designated business operating expenses, including interest on mortgages, rent, and utilities, within eight weeks following the date of loan origination. The level of forgiveness will be reduced if full-time headcount or salaries and wages decrease. Please speak with a Cross River Bank representative to determine what your organization can categorize as payroll costs as defined under the PPP.

How much can my organization borrow under the PPP?

Eligible organizations may qualify for a loan amount equivalent to eight weeks of prior average payroll plus an additional 25%, up to a maximum of $10 million. Payroll costs will be capped at $100,000 annualized for each employee. Please speak with a Cross River Bank representative to calculate your average payroll as defined under the PPP.

What are the terms of Paycheck Protection Program Loans?

PPP loans have a 1.0% annual percentage rate and maturity of two years. There are no fees associated with PPP. The first payment is deferred for six months.

Can I apply for a PPP loan and an Economic Injury Disaster Loan (EIDL)

Yes. If you received an EIDL from January 31, 2020 through April 3, 2020 not used for payroll costs, the EIDL does not affect your PPP eligibility. If you received an EIDL from January 31, 2020 through April 3, 2020 used for payroll costs, the PPP loan will be used to refinance the EIDL. If you took an advance up to $10,000 on the EIDL, that amount will be deducted from the forgiveness amount of the PPP loan. While EIDL is only available directly through the SBA, a Cross River Bank representative can help you determine which resources are available to meet your needs.

Where can I apply for a Paycheck Protection Program loan?

You can complete your application at Cross River Bank representatives are ready to walk you through the process.

Why should I apply for a Paycheck Protection Program loan through Nexxus Pro?

Applications for the Paycheck Protection Program must be submitted through a qualified, participating financial institution. As an SBA Preferred Lender, we are well equipped to provide expert guidance and walk you through the process. Nexxus Pro combines the trust and reliability of a community bank with the cutting edge innovation of a technology company to offer small businesses the banking and technology services they need in the timely fashion they need it.

Does Nexxus Pro assist businesses in my area?

Nexxus Pro assists businesses across the United States.

Whom can I contact for more information?

Please visit the Contact Page for information on how to get in touch.

You can contact the PPP Agent directly by calling 760-300-3624.