Our banking experts are always working to optimize your business banking experience. We are doing our best to help find the right tools and solutions to help you in this unprecedented time.
If your business is financially struggling due to COVID-19 or you are predicting struggles in the future, reach out to us. Whether it’s for you or your business, having a plan may help you find a little peace of mind. Don’t be afraid to reach out if you find yourself in a reactive situation. We understand that there are so many unpredictable variables in this journey, and we want to help any way we can.
Below are some of the resources currently available, Please note, this COVID-19 journey seems to change daily. We would advise you to reach out to our banking experts first. Together we can work to find the right solutions for your financial situation.
SBA (Small Business Association)
Update 4-20-20 - Paycheck Protection Plan (PPP)
As of right now, the SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.
Paycheck Protection Plan
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020. The $2 trillion Coronavirus Economic Stimulus bill is aimed at providing relief for individuals and businesses that have been negatively impacted by the outbreak.
The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Click here to read the SBA interim final rule.
We are fortunate to provide you access to this program through our third-party provider, Kabbage, Inc. Here you will be able to apply, submit documents and work through the process with them directly. Kabbage, Inc will handle all of the correspondence, underwriting, funding and servicing. Click the button below to start your application now!
Economic Injury Disaster Loan Emergency Advance
SBA Disaster Loan
The SBA is offering free webinars about the assistance they are providing. These webinars tend to fill up fast. However, as of right now, it looks like they are adding more as needed. Click here to view the available webinars.
For more information on the different programs the SBA is offering right now go to: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Resources for Illinois Businesses
Illinois Small Business Emergency Loan Fund
This is a Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
Downstate Small Business Stabilization Program
Local Economic Development Organizations
Greater Freeport Partnership (Stephenson County)
NW Illinois Economic Development (Jo Daviess, Carroll and Whiteside counties)
Please contact our lenders with any questions or concerns.
Freeport & Kent Locations
Ed Vock, Susan Engelkens, or Ryan Martz
FSB Online and Mobile Banking Options
Bank when and where it's most convenient for you! Be sure to also checkout our click-thru demos on our website at https://www.fsbil.com/Resources.aspx.