COLDWATER, MI (WTVB) – Southern Michigan Bank and Trust employees have been helping local business over the past five weeks deal with the economic impact of the COVID-19 pandemic.
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided a variety of emergency relief programs for businesses around the nation. One portion of the CARES Act was the Paycheck Protection Program (PPP), an incentive designed to enable small businesses the ability to keep workers on their payroll.
Southern Michigan Bank and Trust says it’s funded 630 PPP loans totaling approximately $75 million.
Nearly 30 loans supported local non-profit organizations with funding in the amount of $1.5 million.
Southern was also able to support hundreds of residential customers with their loan payments. The bank has taken steps to assure the protection of employees and customers, such as emphasizing drive-thru services and enabling nearly one-half of bank employees to work remotely, all while never furloughing a single employee.
