With the recent passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), significant government‐sponsored financial support will soon be made available to the businesses in our communities. First State Bank is an Approved Lender for the SBA and will serve as a lender for the CARES Act/Paycheck Protection Program.
Our focus in the upcoming days and weeks will be to help you understand how this program may be of benefit to you and your business. The specific details of the Paycheck Protection Program (PPP) are in final development and should be released in the very near future. We will continue to update this site with relevant information.
Paycheck Protection Program (PPP) Information
In an effort to keep you fully informed, the links below connect you to the latest information released by the U.S. Department of the Treasury and the Small Business Administration. We’ll keep you updated as details emerge.
We encourage you to learn more about the program using the resources below.
A key provision of the CARES Act is the new Paycheck Protection Program (PPP), which will authorize Approved SBA lenders like First State Bank to make loans to small businesses through the SBA 7(a) loan program. Qualified businesses and non-profits with fewer than 500 employees can qualify for a 100% SBA-guaranteed loan to be used for payroll (including salaries, paid sick or medical, insurance premiums), mortgage, rent and utility payments for a period of time. As an SBA Approved Lender, First State Bank will serve as a lender for the CARES Act and be here to guide and support you throughout the process.
Our focus in the upcoming days and weeks will be to gather information and help you understand how this program may be of benefit to you and your business. The specific details of the CARES Act are in final development and will be released in the very near future.
We encourage you to prepare with the following steps: