Small Business Relief
Paycheck Protection Program
Citizens Community Bank is committed to supporting our business customers as they navigate their COVID-19 loan relief options.
SBA has announced they will resume to take PPP loan applications as of Monday 27, 2020. If you have submitted an application with us on the first go around, we will re-submit your application for approval as soon as possible. If you are unsure of your status, please contact your commercial lender. Submitting an application does not guarantee that it will be approved or that you will receive the loan.
Small Business Paycheck Protection Program:
The paycheck Protection Program provides small businesses that have been impacted by COVID-19 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. The Paycheck Protection Program is implemented by the Small business Administration with support from the Department of the Treasury. The Paycheck Protection Program has been extended to August 8, 2020. As a preferred SBA Lender, we are ready to help.
Who is Eligible
Small Businesses with 500 or fewer employees-including private nonprofit organization or 501 (c)(19), veterans organizations, self-employed individuals, sole proprietorships, tribal concerns, and independent contractors are eligible. Businesses in certain industries may have more than 500 employees if they meet the SBA's size standards for those industries.
How to Apply
Citizens Community Bank will process applications in the order they are received, prioritizing existing customers before serving the general public. For non-customers, the fastest way to access funding is through a financial institution where you already have an account. Among other things, your existing financial institution has already completed the federally required customer identification and beneficial ownership certification processes. The SBA provides a list of eligible lenders.
Additional information and full terms can be found at the Small Business Administration website: www.sba.gov.
Please review the U.S. Treasury's Paycheck Protection Program Borrower Information Sheet and the Paycheck Protection Program Overview.
These documents contain important information regarding the use of loan proceeds, loan amount, loan forgiveness requirements, etc.
Note: Information provided by the U.S. Treasury is subject to change at any time. Please check back often for updates.