Powering Community Businesses Through the Pandemic.
Written by admin-kidglov on October 6, 2020
No one could have predicted that in March of this year, business in America would be forced into a stand-still. Most office workers were relegated to home offices and basements. Restaurants, bars and retail were temporarily shuttered.
The coronavirus pandemic was pressing pause on paychecks for many, meaning a national economic crisis on multiple levels.
And nowhere was the pain felt more acutely than in our own communities, where small, locally-owned businesses struggled to stay afloat during an unprecedented crisis with no end in sight.
This is Why We’re Here.
The purpose of any community bank is to serve the financial needs of the community. And at no time in living memory has the need been as great as during the COVID-19 crisis. As a proud community bank, we were happy to play our role, pitch in, and help support community businesses through an uncertain time.
At Farmers & Merchants Bank, we worked with state and national programs to ensure that our customers were in the best possible positions. Making PPP loans, SBA disaster loans, and State of Nebraska Grants available to local businesses was what we could do to keep them – and our communities – afloat as the waters raged.
These loans from the SBA’s Paycheck Protection Program were developed to help small businesses keep their employees on the payroll even while the businesses were shut down. If businesses meet all employee retention guidelines, the SBA will forgive the loans.
These critical funds helped local businesses weather the storm until they were able to reopen.
SBA Disaster Loans.
Farmers & Merchants Bank also issued multiple loans in the SBA’s disaster lending program. These loans are meant for small businesses, nonprofit organizations, or U.S. agricultural businesses with 500 or fewer employees. The funds provided were used by local businesses on their everyday operating expenses.
State of Nebraska Grants.
We were proud to partner with Nebraska Department of Economic Development to administer grants to rural businesses impacted by COVID-19. The end result was more businesses able to keep their doors open and expand, keeping the economies of our communities strong.