The Small Business Administration’s Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. The Paycheck Protection Program will be available through June 30.
Business owners can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union and Farm Credit System institution that is participating.
Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. The SBA asks borrowers to consult with local lenders to learn whether they are participating in the program. Here are some local banks who are participating, according to the SBA website.
Some participating banks are only loaning money to businesses that are already customers.
Most banks have closed their lobbies to in person business. Call ahead or visit the bank’s website for more details.
• Commonwealth Credit Union (511 Joseph Drive) is participating, according to the SBA website, but the credit union has no information about borrower qualifications on their website. Visit online at ccuky.org or call 800-228-6420.
• Community Trust Bank (570 Chestnut Street) is participating, according to the SBA, although the bank has no information about borrower qualifications on their website. For more information, visit their www.ctbi.com or call the local branch at 734-4354.
• Farmers National Bank (776 South College Street, Harrodsburg, and 125 East Main Street, Burgin) has no borrower qualifications on their website, although they are listed as a participating bank by the SBA.
For more information, call the Harrodsburg branch at 734-9953 or the Burgin branch at 748-5277 or visit online at www.fnbky.com.
• Fifth Third Bank (625 South College Street) requires borrowers to have a Fifth Third online banking profile or be a user of Fifth Third Direct. Applicants who are not a customer and do not have an online banking profile are asked to visit 53.com. For more information, call 734-7796.
• First Financial Bank (104 South Chiles Street) is currently taking applications for existing customers who have accounts opened prior to April 1. According to their website, the bank anticipates taking applications from non-customers in the future.
For more information, visit online at www.bankatfirst.com or call 844-828-7740.
• Wesbanco (838 North College Street) is accepting applications from current customers who have an active loan or deposit relationship under the Taxpayer ID Number. Borrowers who don’t have an active relationship with WesBanco are asked to contact the local banking center to discuss other options.
For more information, visit www.wesbanco.com or call 800-905-9043.
• Whitaker Bank (two locations in Harrodsburg, at 211 South Main Street and 1104 North College Street) is working with state and federal officials to deliver support to small struggling businesses. To learn more, call 1-800-650-6717 or visit whitakerbank.com.
For more information, visit www.sba.gov.