Efforts Continue With Deadline Extension
New London, Wisconsin (OnFocus) – First State Bank President, Bob Van Asten, recently announced that the bank had assisted local businesses throughout North Central Wisconsin in obtaining 360 Paycheck Protection Program (PPP) loans as of the original program deadline of June 30. Loans written by the bank totaled more than $23.3 million and supported 3,124 jobs.
“This was a tremendous effort by our staff given the urgency to help these businesses obtain this funding during the pandemic,” said Van Asten. “We are now trying to assist borrowers in understanding what steps need to be taken to apply for forgiveness of their PPP loans. The Small Business Administration and U.S. Treasury continue to clarify the PPP forgiveness process, so we want to be sure businesses are providing the correct information in their applications.”
With the extension of the Paycheck Protection Program until August 8, 2020, Van Asten says the bank continues to receive inquiries from businesses who didn’t apply during the first months of PPP. “Our lenders are ready to help business owners figure out if a PPP makes sense for their business.”
Businesses who would like more information or are interested in applying for a PPP loan can contact their local First State Bank office or call (800) 994-2500.
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