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Payment Protection Program Funding Processed by First National Bank of Michigan
First National Bank of Michigan’s (FNBM) President and CEO, Daniel E. Bitzer announced on April 16th the community bank headquartered in Kalamazoo with offices in Grand Rapids, Holland, Lansing and Portage processed 451 loans through the Small Business Association’s Paycheck Protection Program totaling over $109,411,290.
“We are proud to have supported our customers through this process. As a local community bank, we are committed to our customers and the communities we serve. Our FNBM employee Heroes, are considered essential workers and we thank them for their dedication and loyalty to FNBM and our customers”.
Coronavirus Aid, Relief & Economic Security (CARES) Act
Available to First National Bank of Michigan customers with a banking relationship established prior to February 15, 2020
In response to the overwhelming impact of COVID-19 on small business owners, the Coronavirus Aid, Relief & Economic Security (CARES) Act, was passed by Congress and signed into law in order to provide up to $350 billion in federally-backed funding to small businesses and nonprofits in need. The Payment Protection Program (PPP) funding was facilitated by the Small Business Association (SBA) and included provisions delaying, deferring, or the outright forgiveness of principle on certain loans to small businesses.
For details on the Paycheck Protection Program, visit the SBA Paycheck Protection website.