Together, we are facing an unprecedented and challenging time, and we have yet to see what the full impact of the COVID-19 pandemic will have on our local economy. We know that in the current environment, we have customers who are impacted, some more drastically than others. We are committed to working with your business however we can.
On this page, you will find:
- What is the Paycheck Protection Program?
- What information is there about Paycheck Protection Program loan forgiveness?
- How does my business apply for the Paycheck Protection Program? – Funding for the Paycheck Protection Program has been used in full at this time, and we are no longer accepting new applications.
- What should I do if I need support paying my business loan at Main Street Bank?
- How do I protect my business against fraud during this time?
- What if I have my personal accounts at Main Street Bank?
- What resources are there to help businesses during this time?
What is the Paycheck Protection Program?
According to the U.S. Treasury, the Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. To see the program overview, visit these government resources.
What information is there about Paycheck Protection Program loan forgiveness?
The U.S. Small Business Administration has released an application for PPP loan forgiveness. While we are still learning information about the details surrounding loan forgiveness, you may visit the following resources for information:
Main Street Bank does not author or endorse these resources, and we recommend speaking to your accountant to determine what your business needs to qualify for loan forgiveness.
How does my business apply for the Paycheck Protection Program?
At this time, the funds allocated in the CARES Act to the PPP have been used in full. For that reason, we will no longer be accepting applications. We will work with our local business customers however we can. Complete the form below so we can learn more about your business needs, and we will get back to you within 24 hours.
What should I do if I need support paying my business loan at Main Street Bank?
For customers with a current business or commercial loan at Main Street Bank who are in need of loan payment relief due to circumstances related to COVID-19, we have developed a streamlined process designed to help with financial challenges. Please contact your commercial loan officer to find out more about loan payment relief.
How do I protect my business against fraud during this time?
Main Street Bank’s Cash Management solutions offer robust and automated ways to mitigate and protect your accounts from fraud.
To take advantage of these services, contact our Cash Management team today.
We also always encourage you to be cautious when opening emails and visiting websites. You should always be mindful when clicking on links from sources you don’t know or opening and clicking within emails sent from people or organizations you are not familiar with. Scammers have already tried to take advantage of the current economic and public health environment, and you should be critical of all information you receive from unknown sources. Learn more about what to look out for from the Federal Trade Commission Consumer Information or the Federal Communications Commission.
What if I have my personal accounts at Main Street Bank?
We are offering additional support and resources to our personal banking customers.
What resources are there to help businesses through this time?
We understand this is a challenging time for all our customers and neighbors, and offer you support by sharing the following reputable resources to help you manage your finances and get through this period.
RESOURCES FOR BUSINESSES