LEXINGTON, Ky. — Whitaker Bank is encouraging its business customers to apply for the Small Business Administration’s forgivable Paycheck Protection Program loan.
Part of the federal government’s CARES Act providing financial relief for business negatively impacted by the coronavirus pandemic, it is a loan in the amount of eight weeks of company payroll and all associated support costs for the period beginning April 1.
Whitaker Bank is providing this special SBA loan program to help businesses keep their workforce employed during the ongoing coronavirus (COVID-19) crisis. Whitaker Bank officials say they are participating to support small businesses in their Central and Eastern Kentucky service area as part of an effort to help ensure Kentuckians remain employed.
Paycheck Protection Program loans are made by local banks. To learn more, business owners may call (800) 650-6717 to speak with a Whitaker Bank SBA Registered Lender.
Provisions of the CARES Act allow all of the principal of these loans to be forgiven if businesses can demonstrate that they continued to pay employees for the eight-week period. The loans have a 0.5% interest rate.
Whitaker Bank has been working with state and federal officials to deliver support to small businesses in the commonwealth and continues to provide drive-through banking and other services by appointment as well as 24-hour electronic banking products.
Its Whitaker Electronic Banking (WeB) allows digital check deposit, eStatement access, account information by text, mobile viewing of balances, money transfer, loan payments and bill payment. Visit online at whitakerbank.com or call us at 800-650-6717.
Whitaker Bank is a subsidiary of Whitaker Bank Corp. of Kentucky, a family-owned holding company with assets of $1.6 billion. It has 44 branches.