Small Business Administration (SBA) Paycheck Protection Program (PPP) for Northern Bank Customers
For more than 60 years, Northern Bank has been a trusted partner and source of strength for our communities and customers we serve. We have earned the trust and confidence of our clients by working diligently and collaboratively with them when they face both challenges and opportunities.
The coronavirus pandemic presents new and different challenges for all of us, but as always, we are here to help our customers overcome the obstacles that stand in the way of their goals and persevere through trying times.
Your team at Northern Bank has been working around the clock, to help clients secure PPP loans. As you can imagine, the demand for PPP loans has been extraordinary and we were able to fund more than 900 loans. The program has been challenging because the Small Business Administration (SBA) and U.S. Treasury continues to develop and refine the processes, and release or update guidance daily.
As of April 16th, the SBA announced that the funds Congress appropriated for PPP have been exhausted.
Our leaders in Congress are discussing appropriating additional funds to this vital program, but we will need to wait and see what the outcome will be. If more funds are appropriated for PPP loans, we will immediately commence processing applications.
We will continue to monitor this rapidly evolving situation. We will provide you with an update as soon as we have more information.
What you need to know about the Paycheck Protection Program
The Paycheck Protection Program (PPP), part of the new CARES stimulus package, is a federal loan program* aimed at helping small businesses who have been severely impacted by Coronavirus maintain their workforce.
The Treasury Department has up-to-date information about this program. We encourage customers to visit the small business section of the Treasury Department CARES website.
- This is not a link to apply.
- Do not send us any SBA or Treasury department forms.
- Check back for updates.
We recommend that you consult with your attorneys and accountants if you need professional advice.
- Terms and conditions are subject to change.** Check back for updates.
Be aware and protect yourself from scams
Northern Bank will not ask for confidential information—such as your name, password, PIN or other account information—if we reach out to you. See the Federal Trade Commission’s advice.
SBA LOAN PROGRAM OPTIONS
Payroll Protection Program (PPP)
Rent and Utilities
Interest on debt incurred before 2.15.20
2.5 times the business's average monthly payroll
1% fixed annual percentage rate
No payments for the first 6 months, and a total 2-year term
Up to 100% with approval
Economic Injury Disaster Loan (EIDL)
Other expenses that can't be paid because of the disaster's impact
Up to $2 million
3.75% annual percentage rate
Up to 30 years
Emergency grants available up to $10K
*All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
**This information is accurate and updated as of 4.17.2020. Terms and conditions are subject to change.
Northern Bank | Member FDIC