06/17/2020: Supporting the Community During COVID-19 through PPP Loans to Small Businesses
What is the Paycheck Protection Program?
The Small Business Administration (SBA) created the Paycheck Protection Program (PPP) loan to provide a direct incentive for small businesses to keep their workforce.
The objective is to keep employees on the payroll and to use the money for payroll, rent, mortgage interest, or utilities.
Why Community Banking Makes a Difference
“As a community bank, we are always dedicated to helping local business owners, but even more as businesses began to navigate the unique stages of the pandemic,” said Joe Peikert, President/CEO.
Jason Bloxham, Executive Vice President and Chief Lending Officer added, “The PPP loans were critical for employers to have some financial peace of mind so they could sustain their businesses while managing the impact of COVID-19. We look forward to helping our clients through the remainder of these unusual times to support the strength of our local communities.”
A recent Independent Community Banking survey indicated that community bankers nationwide were able to fund upwards of 80 percent of all loans that came their way in the first round of PPP—for an average of 166 loans per bank. Further, survey data shows community bank loans reached Main Street directly, with an average approved loan between $50,000 and $75,000.
In addition to serving business and individual banking clients, we support approximately 100 local non-profit organizations, events and causes each year through sponsorships, donations and volunteerism.
We’re here for you.
If you have questions or concerns about your business and how it’s been impacted by the COVID-19 pandemic, we’re happy to answer them. Contact your Wolf River Community Bank lender to decide the best plan of action for your business.