The Paycheck Protection Program (PPP) recently introduced by the Federal government and administered by the Small Business Administration is an unprecedented relief package for small businesses across the country. We have worked quickly and thoroughly to establish a new relationship with SBA in order to assist our stockholders and communities assessing their needs.
Farmers and ranchers who operate as a sole proprietor also have access to the program as of April 10th.
We will continue to monitor all regulatory guidance applicable to the PPP and update any changes to our status on our website.
The Paycheck Protection Program (PPP) was announced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP is a federal program that will allocate up to $349 billion to help small businesses keep workers employed. The loans may be forgiven if borrowers keep all employees on payroll and maintain compensation levels for eight weeks after the loan is made and the loan funds are used for specific qualified expenses, including payroll, rent, mortgage interest, or utilities. We recommend visiting with your accountant to calculate your qualified payroll amount.
If you have any questions, please contact your loan officer or local branch. Our staff remain available to helping you through these evolving times.
Fill out your application using the link below.