That federal $349 billion program was funded to help small businesses across the nation keep workers employed and help with some overhead expenses during the coronavirus crisis.
It is part of the $2 trillion stimulus bill that has also provided stimulus checks to households across the country.Some Henryetta residents have already seen deposits made in their accounts with more on the way during coming days.
American Exchange and First National banks in Henryetta have been helping a number of businesses with the Paycheck Protection Program.
Those applications from over 100 local businesses have provided paychecks to employees that would not be receiving checks with businesses either closing doors or reducing hours or staff because of the virus impact.
“This program has been a great help for our customers,” said AEB president Terri Thompson. “We know that this is a troubling time for many and just the idea that we can help 138 people protect their paychecks means a lot.”
First National president Keith Estes said nearly 100 businesses have applied for the funds throughout the First National coverage area.
Estes said the funding for that program has already reached it’s maximum but hopes that additional money will be made available through the Small Business Administration.
“We still have about 15 applications that we are trying to process he said.
Any business, nonprofit organization, veterans organization, or tribal business that is under 500 employees, or under the Small Business Administration standard (if greater than 500 employees), or under 500 employees per physical location for all food service and accommodation businesses, is eligible.
Loan fees are waived and collateral and personal guarantees are not required. It also defers payments for six months to a year.
