Paycheck Protection Program (PPP) Update
When Small Businesses need us, we’re ready to help! In response to the COVID-19 pandemic, the Paycheck Protection Program (PPP) was developed to offer financial relief through the Small Business Administration (SBA) to small businesses across the U.S. that have been impacted. During this time period, our lenders have worked diligently to process over 170 customer applications for PPP. The first round of PPP was depleted effective April 16, 2020; however, we anticipate the second wave of PPP to reopen soon.
If you need to apply, here’s what you need to do to be ready. Download our PPP Check List so that you can be prepared prior to talking with your lender.
We will continue to be there for you, just as we always have! Your lender is here to answer questions and guide you through the process. Please contact your lender directly if you have any questions or call our Customer Contact Center at 888-934-2536.
SBA Economic Injury Disaster Loans (EIDL)
Updated May 7, 2020
SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
Congress has provided $60 billion for the Economic Income Disaster Loan (EIDL) and EIDL Advance. SBA is continuing to process applications in the queue on a first-come, first-served basis.
FNB Hardship Assistance Program
We appreciate your business and want to be there for you during this time. If you have a small business loan at FNB, our Hardship Assistance Program is available to assist you. We are offering a loan assistance program beginning March 19, 2020 until further notice. Please complete our Hardship Assistance Program Application and your lender will be in touch with you soon. In the meantime, if you have any questions, please feel free to contact your lender at their direct office number or you may call our Customer Call Center at 888-934-2536.
Save Small Business Fund
Small Businesses are eligible to apply for a short-term relief grant of $5,000 through the U.S. Chamber beginning Monday, April 20th.
To extend a helping hand to small businesses suffering from the impacts of the coronavirus pandemic, the U.S. Chamber of Commerce Foundation – in partnership with Vistaprint and a coalition of supporting companies, foundations, and philanthropic donors – is working to provide financial relief through the Save Small Business Fund. This fund is a key pillar of the U.S. Chamber’s Save Small Business Initiative.
TO QUALIFY YOU MUST:
1. Employ between 3 and 20 people
2. Be located in an economically vulnerable community
3. Have been harmed financially by the COVID-19 pandemic
WHAT YOU CAN EXPECT:
1. The application is short. It will take about 10 minutes to complete.
2. All you will need is your business’s W-9 form.
FREQUENTLY ASKED QUESTIONS:
Q: When will the grants be awarded?
A: Grants will be awarded weekly until all funds have been used. Once the grantee has been notified and submitted payment information that meets compliance checks, it will take 3-5 days to process the payment. The number of grants awarded will be scaled in proportion to the demand and available funds.
Q: Who is administering the fund?
A: The Save Small Business Fund is administered by the U.S. Chamber of Commerce Foundation. The Chamber Foundation is a private sector 501(c)(3) charity affiliated with the U.S. Chamber of Commerce and is not a government agency.
The grant application will go live on Monday, April 20 2:00 PM CT. Apply Here
Questions about the Save Small Business Fund, please contact your local Chambers of Commerce.
*Please note, FNB Bank, Inc. is not affiliated with the Save Small Business Fund. All applications are processed and administered by the U.S. Chamber of Commerce at the above listed link.
PADD to Offer COVID-19 Business Relief Working Capital Loan Program
Beginning May 6th, 2020, the Purchase Area Development District will offer a working capital loan program to support local small businesses impacted by COVID-19. Utilizing its existing Economic Development Administration Revolving Loan Fund, the PADD Board of Directors and Loan Review Committee approved using funds from the PADD’s EDA-RLF fund for loans ranging from $5,000 to $25,000. These loans can be used to meet short-term working capital needs such as payroll, rent, utilities, interest payments, supplies, inventory management, and/or payments to suppliers.
Businesses located within one of the PADD Counties: Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken Counties are eligible to apply for this loan program. Loan terms include a maximum of 36 months, with an optional six (6) month deferral from date of loan closure. The floor interest rate charged on all loans will be the lesser of either 75% of the prime rate as published in the Money Rates section of the Wall Street Journal, or four percent. At time of release, the floor rate is 2.44%; fixed. No closing fees will be charged. The business does have to provide any available collateral and show an ability to repay the loan. Applications will be accepted through June 30th, 2020.
Priority will be given to projects that have the greatest impact on employment. Additionally, projects should be in the industrial, commercial, agricultural, or service sectors. Businesses that have received a loan through the SBA Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) are not eligible to apply for this program.
Potential applicants should contact Mike Maxwell, Business Loan Specialist, with the Purchase Area Development District to discuss project eligibility. Mr. Maxwell can be reached by email at firstname.lastname@example.org or by phone at 270-251-6170. An application packet for the PADD COVID-19 Business Relief Working Capital Loan Program can be found at PADD’s website, www.purchaseadd.org.
For up to date information affecting our small business community, please continue to check back with this page as new information becomes available.