First Western Bank & Trust will keep updating this page as more information becomes available.
Letter to Customers | April 3, 2020
Dear Valued Customer,
First Western Bank & Trust is your local community partner. We are encouraging our small business borrowers, who are impacted by COVID-19, to consider applying for the federal “Paycheck Protection Program” (PPP), which aims to support small businesses with:
- Cash to cover select business expenses (such as employee salaries and payroll support, rent or mortgage and utilities payments, insurance premiums)
- 6 months of deferred loan payments
- Loan forgiveness (a portion, or possibly all, of your loan may be forgiven)
- Last day to apply for a PPP loan is June 30, 2020.
This information will be needed to present to the bank to apply for the loan:
- Copies of payroll tax reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available) should be presented.
- Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan. 2019 Quarterly Job Service Wage and Certification Reports and 2020 first Quarter if available.
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination (Copies of the monthly invoices should suffice).
- Documentation of all retirement plan funding by the employer for the immediately preceding 12 months (Copies of work papers, schedules and remittances to the retirement plan administrator should be sufficient).
To apply, please fill out the application form and submit it to First Western Bank & Trust and include other required documentation.
First Western Bank & Trust may require additional information. Loan forgiveness will require appropriate documentation. Terms and conditions are subject to change.
We are here for you and your business. Please contact us if you have any questions:
Minot: (701) 852-3711
Bismarck: (701) 255-4400
Eden Prairie: (952) 516-7300
What is the CARES Act?
The CARES Act stands for Coronavirus Aid, Relief, and Economic Security Act. It allocates money to help small businesses keep workers employed during the Coronavirus pandemic.
COVID-19 RELIEF PROGRAMS
|SBA Paycheck Protection Program (PPP)||Small Business Disaster Relief Program (EIDL)|
|Requirements||Must certify business impact by COVID-19 and use of funds to retain workers, maintain payroll and other debt obligations||Waives the requirement that a business be operational one year before the disaster|
|Loan Max||$10 M||$2 M|
|Government Guarantee||Per criteria||Per criteria|
|Payment Deferment Allowed||Yes||Yes|
|Allowable Uses of Funds||
|Payment Forgiveness||Per criteria||Per criteria|
|How/Where to Apply||Local lender||www.sba.gov/disaster|
|Loan Term||2 Years||30 Years|
Please note: This information was accurate on the day it was produced but is changing rapidly. Consult your advisors before making decisions. EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.