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COVID-19 Resources

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If you are facing a financial hardship due to the COVID-19 pandemic, we’re here to help. Below is information and resources we can use to help you bridge the gap between now and what’s next.

 

Business Resources  |  Consumer Resources

 

Business Resources

If my business is experiencing hardship as a result of the virus, what resources are available?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided several options for individuals and businesses to manage finances through the COVID-19 pandemic. Your banker can help sort through the options to find the best solutions for you.

 

US Small Business Administration (SBA) Paycheck Protection Program

Borrowers may be eligible for PPP loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8 or 24 week period after disbursement.

To apply for PPP loan forgiveness, contact your banker.

To access the SBA's FAQs regarding PPP forgiveness, click here.

To learn more about how community banks supported businesses through the PPP loan, click here.

 

US Small Business Administration (SBA) Economic Injury Disaster Loans

Small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan.

To apply, click here.

For FAQs about COVID-19 EIDL Loans, click here.

 

 

Park Bank Loan Structure Options

Please check with your business banker, private banker, or business services representative on options that may be appropriate for you on your current loans with the bank, or if you need access to additional resources.  For more information on links to Coronavirus (COVID-19) please continue to check back to our website and reach out to your individual banker here on what may work for you and your business.

For detailed information about all of the CARES Act programs designed for Small Businesses, click here.

 

 

Consumer Resources

What are my options if I can’t make payments on my mortgage, installment loan, or credit card?

We are here to help. Contact us at 608.301.8648 and a banker will discuss your situation and develop a plan for you.

 

Can I still refinance my home?

Our Mortgage Advisors are hard at work an able to assist you in refinancing your home. The current rate environment has led to an increase in refinance activity, so if you are looking to refinance your home, you can expect that turnaround times may be slightly longer due to increased applications.

 

Does the economic impact of COVID-19 affect the safety of my deposits?

Park Bank is built to sustain during challenging times like these, so we can assure you your funds are safe with us. That said, we recognize that our clients want to be sure their accounts are secure in the event of a bank closure, which is why the FDIC is in place. No depositor has ever lost a penny of FDIC insured funds. The FDIC insures funds up to $250,000 per depositor, per insured bank, per ownership category. That means that even if you have more than $250,000 on deposit with a single bank, your funds may all be covered, depending on the different types of accounts you hold, as well as the titling on those accounts. If you have questions about the FDIC coverage of your deposits with Park Bank, click here or contact your banker and they can assist you. 

 

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