On March 30, 2020, the Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $2 trillion relief package covered a number of areas including the Small Business Administration (SBA) Paycheck Protection Program (PPP) to assist small businesses with keeping their workforce employed during the COVID-19 pandemic and pay other expenses occurred during this difficult time.
Bank of Pontiac processed and funded 229 loans totaling nearly $30 million. This money went to many small businesses in our local communities throughout Livingston and Grundy Counties. We applaud our entire Loan Department for working tirelessly to make this happen for our customers, non-customers and economy. We are eager to assist more small businesses once additional funds become available.
Once the program reopens, a minimum of $30 billion will be set aside for community banks with less than $10 billion in assets. The loan could be used for payroll and benefits, interest payments on mortgages, rent payments, health insurance and utility payments. The SBA is going to resume taking PPP applications on Monday, April 27 at 9:30 a.m. If you are interested in applying, please email Mark Donovan, Senior Vice President & Chief Lending Officer at Bank of Pontiac (NMLS# 770747): email@example.com.
If you’re a small business owner, please know that Bank of Pontiac is here to support you throughout the loan process and we are proud to be your local community bank!