Waldo State Bank is committed to providing Sheboygan County businesses with expert banking services. During the first round of the Small Business Administration’s Paycheck Protection Program (PPP), we processed 72 loans, saving approximately 398 jobs within our local area.
The impact of the coronavirus pandemic is still leaving many small businesses struggling and Waldo State Bank wants to answer the call for help by guiding you through the PPP loan process. We remain committed to processing 100% of the loans that are applied for and believe strongly in the “community” in community banking. We are dedicated to the needs of our customers as they face uncertain economic times.
Contact us below today to see if you and your business qualify for this loan!
Take Advantage of this Opportunity for Your Business!
Eligibility: Businesses and nonprofit organizations with no more than 500 employees are eligible for the PPP through May 31, 2021, or until allocated funds are disbursed. Businesses may also apply for a second PPP loan if they have 300 or fewer employees and meet certain other eligibility criteria.
Loan Terms: PPP Loans have an interest rate of 1 percent. Loans issued on or after June 5, 2020, have a maturity date of 5 years. Interest accrues from the origination date. Loan recipeiens can defer principal and interest payments on their PPP loans until the date that the SBA compensates the lender for forgiven amounts, as long as the broower applies for forgiveness within 10 months of the experiation of the applicable period.
Maximum Loan Amount: PPP loans were provided in amounts approximately equivalent to ten weeks of payroll costs. Loan amounts are determined based on 2.5 times the average monthly payroll costs, taking into consideration average wages paid during the applicable period (which will either be the one-year period prior to the loan or calendar year 2019, at your option), up to a limit of $10 million.
Loan Forgiveness: A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.