MidCountry Bank is committed to support our customers and help you and your business thrive in the face of a rapidly-changing environment. We are working hard to meet the needs of the communities we serve, and that includes providing meaningful resources to ensure your financial well-being during these uncertain times. As your financial partner MidCountry Bank continues to look for ways to support you now, and in the months and years ahead.
May 4, 2021
On May 3, 2021 the National Association of Government Guaranteed Lenders released a prediction that the PPP funds would run out by the end of that day. On May 4, 2021 no more applications were being accepted by the SBA from anyone but Community Financial Institutions which include: Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries. The SBA has yet to make a public statement about the program’s status and remaining funds in the PPP program. However, as mentioned, only applications from the listed Community Financial Institutions are being accepted at this time. It is MidCountry Bank’s position that the SBA’s PPP program is closed to new applications. As a result of this announcement, MidCountry Bank must suspend the online portal link for new applicants and work to secure funds for those applicants submitted all the way to the SBA prior to May 3, 2021.
March 28, 2021
The Paycheck Protection Program (PPP) Extension Act of 2021 was just signed into law. Under this Act, the deadline for PPP applications to be submitted to the SBA will be extended to May 31, 2021. The SBA will then have until June 30, 2021 to approve the applications submitted.
MidCountry Bank is continuing to accept applications through our portal. We will accept applications until May 24th, 2021 to ensure adequate time to process and submit them to the SBA by the new deadline.
January 14, 2021
Our PPP Loan Application site is now open.
The process is very simple, but contact one of our Team Members for any assistance required.
PPP First Draw Loans are available to anyone who qualifies according the U.S. Treasury and SBA.
Second Draw Loans are available for borrowers who already received a First Draw PPP loan in 2020. To qualify for a Second Draw PPP Loan, borrowers would have received a First Draw Loan in 2020, would have fewer than 300 employees (exceptions for 500 exist for certain types of businesses), and have experienced a 25% or greater revenue decline due to Covid-19 in any one quarter of 2020 compared to the same quarter of 2019 (exceptions exist for annual comparison). The maximum loan request for Second Draw Loans is $2,000,000. Please check for other critical information at the U.S. Treasury and SBA websites.
3 things to have ready when you start the application:
- Your monthly payroll amount
- Amount of the PPP loan from 2020
- SBA loan number from 2020
Information on protecting your business from COVID-19 related scams
Fraudsters have concocted a new COVID-related scam and this time they have businesses in their sights. According to reports, business owners are getting emails that appear to be about government-sponsored loan programs. But they’re really phishing messages trying to trick people into turning over personal information. Click Here for tips from the Federal Trade Commission on how to spot the latest scam and how to defend your company’s good credit – and your good name – against other coronavirus cons targeting businesses.
January 11, 2021
The Small Business Administration has announced that additional funding and loan relief under the PPP program will be opening on January 11 to community development organizations. Community banks will be allowed access beginning January 15. In preparation, MidCountry Bank is introducing a web-based application to provide easy access new loan applications for PPP funding and forgiveness. We will make this new link available on our website early this week. Please watch for more communication about our enhanced process, coming very soon!
December 23, 2020
As you may be aware, the Consolidated Appropriations Act of 2021 was passed in congress and awaits the approval of the President on or before December 28, 2020. If enacted into law, this bill includes relief programs impacting SBA funding, additional Payroll Protection Program (PPP) resources, and stimulus checks for households meeting income requirements. We are monitoring the status closely and will update you with information as it becomes available to us. For now, please refer to this helpful summary provided by the American Bankers Association.
MidCountry remains committed to support our customers and the communities we do business in, in whatever ways we are able.
August 10, 2020
As an SBA Preferred Lender, MidCountry Bank is dedicated to supporting our clients through the PPP Loan Forgiveness Process. The SBA has begun taking forgiveness application submittals effective 8/10/2020. If you are a MidCountry Bank PPP client, please contact your MidCountry Bank Lender to begin the loan forgiveness process. The deadline to apply is December 31, 2020.
June 25, 2020
As the PPP loan application period winds down its final days, the MidCountry team is transitioning to assist our customers through the loan forgiveness process in accordance with SBA requirements. If MidCountry helped you secure a PPP loan for your business, here is what you can expect in the coming weeks:
- Beginning June 29, your loan officer will send an email to the primary contact listed on the loan application and that email will contain informational resources and applications required to start the forgiveness application process.
- You will also receive an invitation to a secure site that is unique to your business, and will facilitate the safe transfer of documents electronically between you and your lender and assigned credit analysts.
If you have concerns, or require another means of document delivery, please contact your banker directly. We continue to make your needs our priority. Thank you for allowing us to serve you.
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