(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
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,