Federal Money is Available for York County Businesses

York County businesses who have been financially impacted by COVID-19 can apply for federal funds designed to support small businesses. These programs can provide financial assistance to help pay for things like payroll, a commercial lease, utilities, and other general operating expenses. We encourage York County businesses to review these resources and to apply for help as needed. 

The Paycheck Protection Program Offers Forgivable Loans 

When Congress passed the stimulus package on March 27, the $2 trillion aid package included a new Paycheck Protection Program to be administered by the U.S. Small Business Administration (SBA). The objective of the program is to provide small businesses with the capital they need to continue making payroll for an eight-week period occurring between February 15, 2020 and June 30, 2020.

The loan is forgivable if businesses meet criteria that includes maintaining payroll during the period of February 15, 2020 to June 30, 2020 and retain employees and wages relative to the previous year during that same period. 

Fast Facts

• Small businesses who have less than 500 employees are eligible 
• Independent contractors and gig workers may also be eligible 
• Businesses can borrow up to 2.5 times their average monthly payroll cost
• Borrow up to up to $10 million
• Loan money can pay for payroll cost including salaries, wages, paid time off, tips, taxes and healthcare benefits. In addition to covering payroll costs, the loan can also help to pay for operational costs that could include rent and utility payments.
• Apply with your local SBA lender or find a lender here.

SBA Economic Injury Disaster Loans

Businesses directly affected by COVID-19, along with businesses that offer services directly related to impacted businesses, qualify to apply for the disaster loan program. Nonprofit businesses are also eligible to apply. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. 

Fast Facts

• Small businesses who have less than 500 employees are eligible 
• Businesses can apply for up to $2 million in assistance
• The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
• You can complete the application online or download a paper application. 

Local Banks Are Available to Assist You

For help or to apply contact -

Dave Dohmen with Cornerstone Bank 402-363-7411, Extension 7233 (ddohmen@cornerstoneconnect.com)

Stephen Postier with Henderson State Bank 402-362-1100 spostier@hendersonstatebank.net

Barry Redfern with Midwest Bank 402-362-4411 or www.MidwestBank.com for the latest information on loan programs and the necessary forms.

Stephanie Dinger with Union Bank and Trust  (Email: stephanie.dinger@ubt.com or Phone #: 402-323-1539)

Any Commercial Lender at York State Bank can be reached by calling 402-362-4411