Businesses and communities are facing ever-changing circumstances. Pan American Bank & Trust is here to support you and provide helpful resources to help you keep going through these uncertain times.
SUpport local businesses
Our local businesses need our support now more than ever! Below are some great ways our communities can still support our favorite spots in town during this difficult time.
Here's a list of local restaurants near our branches:
SBA Paycheck Protection Program (PPP)
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
The U.S. Chamber Commerce has produced a document detailing the Paycheck Protection Program from the CARES Act.
Who Can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
Here are the full details for the Paycheck Protection Program from the SBA.
- U.S. Chamber of Commerce
- U.S. Department of the Treasury
- State of Illinois COVID-19 Response
- Small Business Administration Disaster Assistance
- Centers for Disease Control and Prevention
Helpful Tips to Help Avoid Coronavirus-related Scams
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