The CARES Act & Other Resources for Businesses


Paycheck Protection Program (PPP) Loan Forgiveness

6/5/20

Please visit our PPP Loan Forgiveness page for all the important information and resources we have to date on this topic. 

 
 

Paycheck Protection Program (PPP) Update

6/1/20

We are honored to be able to assist so many of the bank’s business customers obtain funds through the U.S. Small Business Administration’s Paycheck Protection Program (PPP). To date, WGSB has approved over 360 loans, totaling more than $31.6 million, and helping business customers save than 3,100+ local jobs.

Thank you to our customers for the opportunity to assist them during these challenging times. Thank you also to our commercial lenders and loan support team who worked day and night to make these results possible for our customers.

 

Applications Now Being Accepted for the Paycheck Protection Program (PPP)

4/3/20

Woodsville Guaranty Savings Bank is now accepting applications from the bank's business customers for the Paycheck Protection Program, which provides 100% federally guaranteed loans with loan forgiveness available to eligible small businesses that maintain their payroll during the crises and meet other criteria outlined in the program. 

For details and to get an application by email, please contact your Commercial Lender.

 

IMPORTANT:  Due to the high volume of requests and applications for this loan program, please expect some delays.  We understand how important this relief is to our business customers and have committed extra staff to helping each of you through the application process.  We will respond as soon as possible and ask for your patience.   

 


4/2/20

Woodsville Guaranty Savings Bank is not yet able to accept applications for the Paycheck Protection Program (PPP), as we wait for final guidance from the U.S. Small Business Administration. Please be assured we understand our customers are going through a challenging time and we have devoted significant resources to helping you through this process. We expect to start taking applications on Friday, April 3. 

Before starting your application, we encourage you to review the information and resources provided below and contact your lender with questions. 

Please continue to monitor this web page for frequent updates.


3/30/20

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently passed to provide up to $350 billion in financial relief to business owners impacted by the COVID-19 pandemic.  Once implemented, there will be many new resources available for small businesses, certain non-profits, and other employers through the U.S. Small Business Administration (SBA). 

As of March 30, the SBA has not yet finalized the details for the application process and has not provided final guidance to banks.

Woodsville Guaranty Savings Bank is an authorized SBA lender and has SBA Preferred status.  Because of this, we will be up-to-speed quickly and able to help customers apply.  As soon as details and guidance are available, we will update this site with further directions. Our commercial loan team stands ready to help our business customers through this unprecedented time.

Contact a member of WGSB's Commercial Lending Team

 

Paycheck Protection Program

Updated 4/2/20

The Paycheck Protection Program (PPP) has garnered the most attention with business owners. The initiative provides 100% federally guaranteed loans with loan forgiveness available to eligible small businesses that maintain their payroll during the crises and meet other criteria outlined in the program.

IMPORTANT: On April 1, the U.S. Treasury released program details for lenders and borrowers.  Their resources include a preliminary version of the borrower application.  You are encouraged to visit the Treasury website for the most current available information.

U.S. Treasury Website 

 

***The SBA is expected to finalize details for the application shortly.***

 

The U.S. Chamber of Commerce has created a simple, easy-to-understand piece that addresses the most common questions about the PPP, including who is eligible and how it works.  Here’s a link to this helpful resource.

Coronavirus Emergency Loans: Small Business Guide and Checklist

 

Other Important Resources

U.S. Chamber of Commerce - Combating the Coronavirus: Business Resources

Small Business Administration - Coronavirus (COVID-19): Small Business Guidance & Loan Resources

 

Contact Us

To our business customers, if you are experiencing financial issues that may impact your ability to make your loan payments at our bank or manage other business obligations, we encourage you to contact us right away.

Contact a member of WGSB's Commercial Lending Team