(Monday - January 18, 2021) - With the recently passed additional funding for the CARES (Coronavirus Aid, Relief, and Economic Security) Act, First National Bank & Trust of Iron Mountain is available to help area businesses get assistance and relief from this economic stimulus package.

An additional $284 Billion dollars was allocated to the Paycheck Protection Program (PPP) on December 27, and processing began last week. Struggling small businesses may be eligible for a new Paycheck Protection Loan, which can help cover payroll costs, rent, mortgage interest, utilities, operation expenditures, property damage costs, supplier costs and personal protection equipment expenditures. The Economic Aid Act ensures tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans, provides fresh PPP funding, makes Sec. 501(c)(6) not-for-profit organizations eligible for loans for the first time, and offers businesses facing severe revenue reductions the opportunity to apply for a second loan.

"As we continue to support our local economies and their financial needs at First National Bank & Trust, it's evident how dynamic partnerships and long-lasting relationships continue to bring out the best in all of us especially in uncertain times," said Cole Grenier, Business Banker, First National Bank & Trust.

"We appreciate the opportunity to service the needs of our communities and believe everyone's resilience will be the key to building a stronger community."

First National Bank & Trust has assisted hundreds of businesses with the Paycheck Protection Program during this time, which has helped over 4,500 employees to date.

"We take pride in knowing how these numbers financially benefit local family households and how it exponentially impacts the communities we serve," Grenier said. "We are here to work with you in difficult times when it matters most. Whether you're a current customer or not, let us be a resource for you and your business. As one community we'll get through this together - contact us today and we can help you navigate the process."

To make an appointment with First National Bank & Trust's Business Banking team, call 906-774-2200 or toll-free at 877-803-1814. For more information, as well as online contact information, visit https://www.fnbimk.com/ppp-paycheck-protection-program

About First National Bank & Trust

First National Bank & Trust is one of the oldest and largest independently owned banks in the Upper Peninsula. Chartered in 1887, First National Bank & Trust is a full service, FDIC federally insured bank providing six convenient locations in Iron Mountain, Kingsford, Menominee, Iron River, and a First National Trust & Wealth Management office in Marquette. For more information, visit www.fnbimk.com.

 








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