COVID-19 Small Business Assistance

Update as of 4/16/2020: As of today, we've been informed that the Small Business Association's funding for the Paycheck Protection Program has been fully depleted.   
 
It is our understanding that the Small Business Administration has requested additional funding to allow banks to continue offering this program, but as of today, we're unable to submit applications for approval.  We will update this page as developments are made.  

 

Farmers State Bank is proud to offer the Small Business Paycheck Protection Program, in partnership with the Small Business Administration. 

 
The Paycheck Protection Program provides small businesses with the 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.  
 
Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll.).  Loan payments will also be deferred for six months.  No collateral or personal guarantees are required.  Neither the government nor lenders will charge small businesses any fees. 
 
Must Keep Employees on the Payroll - or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. 
 
All Small Businesses Eligible
Small businesses with 500 or fewer employees - including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors - are eligible.  Businesses with more than 500 employees are eligible in certain industries. 
 
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply.  Starting April 10, 2020, independent contractors and self-employed individuals can apply.  We encourage you to apply as quickly as you can because there is a funding cap. 
 
How to Apply
All loans will have the same terms regardless of lender or borrower. 
 
You can access the application by clicking on the button below.  Complete the form, and either save and email or print, scan & email to LorieL@fsb1908.bank or drop it by one of our drive-in windows.  Please be sure to complete all the information.  
 
 
 The Paycheck Protection Program is implemented by the Small Business Administration with the support of the Department of the Treasury.  Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.