Americana Community Bank Facilitates The Paycheck Protection Program (PPP) To Keep Americans Employed During The COVID-19 Pandemic

June 26 18:39 2020
Americana Community Bank Facilitates The Paycheck Protection Program (PPP) To Keep Americans Employed During The COVID-19 Pandemic
Americana Community Bank is proud to be a part of the national effort to keep businesses afloat and employees in gainful employment. These extraordinary times needed extraordinary measures, and doing their part to help is driven by their mission, “Helping you achieve financial success throughout your lifetime.”

The year 2020 has not worked out according to the plan that many had hoped.  What looked like a year of new beginnings was soon interrupted by a disease that changed how the world operates. The crises of years before could only offer a glimpse into what was to come.

As expected, many businesses have suffered due to the pandemic. Some looked at reducing their levels of operation to enable them to survive, some considered closing down completely as a result of the measures that were put in place to safeguard the population. Innumerable people faced being rendered jobless, beginning a slide into poverty that could easily transpire if nothing was done to help them.

But the US government responded through the formulation, passing, and signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Through the CARES Act, the business community was offered federally guaranteed loans to help them keep their businesses afloat, and most importantly, keep people employed through the crisis.  These loans, called Paycheck Protection Program (PPP) loans are uniquely structured to provide a full forgiveness dimension and a very low (1.00% APR) interest rate applied to any funds borrowed that aren’t fully forgiven. 

Americana Community Bank (ACB), a Small Business Administration (SBA) lender, processed PPP loans for 140 small Minnesota businesses, disbursing more than $13,197,000 to help keep Minnesotans employed. Businesses applied for and received loans in various sizes.  The ACB initiated loans averaged $94,948, with the smallest amounting to $900.

These PPP loans will be a great aid to the 140 companies helped by ACB.  Most importantly, the employees of those companies and their families will have been assured a paycheck for an additional time period during this national crisis.   

Americana Community Bank’s branch in Sleepy Eye, MN, the bank’s charter location, is proud to have been of service in processing PPP loans for 49 companies. These companies received loans totaling $5,139,800. The rural Minnesota companies who applied for the PPP loans through ACB Sleepy Eye, on average, received loans of $104,893 each.  ACB is proud of the heritage that it has in Sleepy Eye and is happy to have lent a helping hand towards keeping employees of southern Minnesota companies on their respective payrolls.

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Media Contact
Company Name: Americana Community Bank
Contact Person: Katherine Jaeger, Senior Communications Officer
Email: Send Email
Phone: 952-230-9717
Country: United States