During this unprecedented time, and as information becomes available to us, it is important to make sure we share with you what resources are available that may help you. We are encouraging you to reach out to one of our commercial loan experts 800-249-3340 or 262-3340. Farmers Bank, we are your local financial partner and are in this together with you.
In response to the COVID-19 pandemic, Small businesses are eligible to apply for Economic Injury Disaster Loans. This low interest disaster loan is to help businesses recover from declared disasters: Disaster Loan Assistance application.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within days of a successful application.
- Applicant is not engaged in any illegal activity (as defined by Federal guidelines).
- No principal of the Applicant with a 50 percent or greater ownership interest is more than sixty (60) days delinquent on child support obligations.
- Applicant is not an agricultural enterprise (e.g., farm), other than an aquaculture enterprise, agricultural cooperative, or nursery.
- Applicant does not present live performances of a prurient sexual nature or derive directly or indirectly more than de minimis gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature.
- Applicant does not derive more than one-third of gross annual revenue from legal gambling activities.
- Applicant is not in the business of lobbying.
- Applicant cannot be a state, local, or municipal government entity and cannot be a member of Congress.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Click here to learn more.
Other Helpful Resources:
Small Business Relief Program Grant: www.iowabusinessrecovery.com
Small Business Administration: https://www.sba.gov/coronavirus
We are Here for You - Anytime, Anywhere.
As COVID-19 impacts our communities, it won't impact our commitment to serve you. You can bank with us anytime, anywhere with our online or mobile banking app.
- Online and mobile banking make it easy to make deposits, payments, or transfers.
- Enroll in Online Banking
- Download Mobile Banking
Keep Your Account Secure
Below are some security tips and features to help keep you safe during this COVID-19 pandemic when fraudsters are evaluating their efforts.
- If someone calls and asks for a password or passcode, don't share it. Some scammers may try to gain your trust by spoofing Farmers Bank caller ID and ask for a one-time passcode. We would never contact you via phone, email or text to request a one-time password.
- Sign up for free account alerts. Get email or text notifications for specific account activity. To enroll in account alerts, log on to your online banking and select Alerts from the menu.
- Inspect URLs carefully (without clicking on the link) to make sure they’re legitimate and not imposter sites.
- Don’t click on links or attachments from senders you do not recognize. This applies not only to email, but also to text messages.
- Keep your computer “healthy” by staying up-to-date on updates as soon as notified one is needed. Don’t wait to do these updates.
- Watch for email senders using suspicious or misleading domain names.
- If you suspect fraudulent or suspicious activity with your account, call us at 800-249-3340 or 712-262-3340.
Information from www.SBA.gov