Payroll Protection Loan Program Helps Small Businesses Continue To Thrive
Bremer has already approved nearly 7,000 applications from small businesses amounting to more than $1 billion.
DULUTH, Minn. – As part of the CARES Act, the Payroll Protection Loan program was developed to help small businesses keep their workforce employed during the pandemic.
Minnesota-based Bremer Bank is one of many bank institutions authorized to issue those loans.
Bank-wide, including branches in Duluth, Wisconsin, and North Dakota, Bremer has already approved nearly 7,000 applications from small businesses amounting to more than $1 billion.
So far, that funding has helped save about 200,000 jobs.
“We are going to do everything we can to help businesses stay in business and hopefully thrive,” said Duluth Market President Deb Otto. “Thinking that we helped provide paychecks to 170,000 employees is just humbling and just something we are grateful as an organization we are able to help with.”
Qualifying businesses can not have more than five hundred employees and must provide proof of payroll expenses.
If approved funds must be used by June 30th.
Small businesses can reach out to Bremer Bank or their financial institution to apply for the Payroll Protection Program.