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April 6, 2020 – You’ve likely heard of multiple small business tools available through the Small Business Administration (SBA), the most popular being the Paycheck Protection Program under the CARE Act. Congress approved $349 billion to help small businesses retain workforce through this difficult time. Qualified small businesses can apply for a forgivable loan up to 2.5 times monthly payroll.

We have been receiving applications all weekend. As of 6:30 Sunday morning, we’re happy to have gained access to the SBA site where we are now transmitting applications. We will work around the clock accepting and transmitting these applications for our small business customers. If you are a small business and have not considered applying, we encourage you to do so soon. The application and more information can be found here. For questions, please contact a business bankers.

 

Posted in COVID-19 by Decorah Bank on April 6, 2020.

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