MidCountry Bank is committed to support our customers and help 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 our business clients to ensure their financial well-being during these uncertain times. As your financial partner MidCountry Bank continues to look for ways to support your business now, and in the months and years ahead.
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.
May 1, 2020
The impact of COVID is hitting our communities hard. Thanks to the dedication of the MidCountry Team, Payroll Protection Program (PPP) relief loans have been processed to support nearly 6,200 jobs in our Minnesota backyards. There is still work to be done. We need to be smart and develop ways to open our doors in ways that keep each other safe and healthy. We are in this together. We can do this!
To learn more about the PPP program and guidelines refer to SBA.gov
April 15, 2020
Only nine business days after the SBA Payroll Protection Program (PPP) program was introduced, MidCountry has successfully secured over $50 Million in funding, with the aim of supporting critical payroll and keeping doors open. MidCountry’s lending group continues to meet daily to manage the application and approval process during these critical times. The collective knowledge of our team, our relationship with clients and the commitment we have to help businesses succeed demonstrate that MidCountry Bank is here when it counts most. To learn more about the PPP program and guidelines refer to SBA.gov
April 3, 2020
MidCountry Bank supports our customers with Paycheck Protection Program Application Processing.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program is available through June 30, 2020, or until approved federal relief funds are depleted.
- Small businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), 501(c)(3) non-profit organizations, 501(c)(19) veterans organizations, or Tribal businesses (see sec. 31(b)(2)(C) of the Small Business Act) affected by coronavirus/COVID-19.
- Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
- Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
Loan Details and Forgiveness
- The loan will be fully forgiven if the funds are 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.
- 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.
- This loan has a maturity of 2 years and an interest rate of 1%.
Disclaimer: Please refer to SBA.gov for the latest program information and eligibility requirements.
March 24, 2020
The State of Minnesota and the U.S. Small Business Administration (SBA) have combined forces to contain the economic impact of the Coronavirus (COVID-19) by offering Economic Injury Disaster Loans (EIDLs) for businesses impacted by the pandemic.
Economic Injury Disaster Loans (EIDLs) are Working Capital loans up to $2.0 million to help Small Businesses, Private Non-Profit Organizations, Small Agricultural Cooperatives and Small Aquaculture Enterprises that have been financially impacted as a direct result of the Coronavirus since Jan. 31, 2020.
- Permanent Working Capital Loan up to $2.0 million
- The funds can be used to pay fixed debts, payroll, accounts payable and other bills.
- Long Term Fixed Rate is 3.75% for Small Businesses; for Non-Profits is 2.75%.
- No Origination or SBA Guarantee Fees
- Loan Terms: Up to 30 years
- Payments start twelve (12) months after the loan is funded
The Economic Injury Disaster Loan (EIDL) is a Direct Loan Program managed by the SBA. While MidCountry doesn’t process your EIDL loan request, our SBA Loan Specialists are available to answer any questions about the loan program and provide guidance throughout the process.
Below are important links to Financial Relief Programs related to the Coronavirus:
U.S. Government – Economic Injury Disaster Loan (EIDL) Program:
- Coronavirus: Small Business Guidance & Loan Resources: www.sba.gov/coronavirus
- Economic Injury Disaster Loan Program: www.sba.gov/funding-programs/disaster-assistance
- Online Application for Economic Injury Disaster Loans: https://disasterloan.sba.gov/ela/
Minnesota Employment and Economic Development (DEED) Finance Programs
- State of Minnesota Economic Relief Programs: www.mn.gov/deed/business/financing-business/deed-programs
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