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First National Bank of St. Ignace

First National Bank St. Ignace

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CARES Act Small Business

Workers and businesses across Michigan have felt the economic impact of the various COVID-19 restrictions implemented to slow the spread of the Coronavirus.  On March 27, 2020, the House passed the CARES Act and President Trump signed it into law immediately after. Since then, federal, state, and local leaders have sought  to help our communities through the Coronavirus crisis.

The “Paycheck Protection Program” provides cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. Please note – If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities can be forgiven. This provision will help workers remain employed, and allow affected small businesses and our economy to recover quickly from this crisis.  The program has undergone many changes during enactment, and this page is designed to be a source of general information. Please visit for full details.

Here are some resources that may be helpful to you:

The "Small Business Owner’s Guide to the CARES Act" can be found HERE.

The Department of Labor has compiled the Families First Coronavirus Response Act: Questions and Answers Sheet that can be found HERE.  

Fact Sheet for Employees and Fact Sheet for Employers are also available. 

If your small business is struggling due to the recent Coronavirus epidemic:

  • Your business may be eligible for a new Paycheck Protection Loan.
  • This low interest rate loan is 100% guaranteed by the SBA.


Who is eligible? 

  • Businesses and 501(c)(3)s with less than 500 employees.
  • Physician practices are eligible, no matter how they are structured.


Where can you get this loan?  

FNBSI has partnered with Lendio, an SBA preferred lender, to offer PPP loans through an on-line platform system. To date, Lendio has processed over 70,000 PPP loans nationwide.

Eligible Customers may apply for PPP loans at the following link: These loan applications will be processed by Lendio and offered to various lenders for closing and funding. Please follow the instructions carefully during the submission process in order to avoid unnecessary delays.  Visit the SBA website in advance, to determine if PPP applications are still being accepted or if funding is available.

For those businesses who previously applied for a PPP loan, please read a special message HERE.


What can you use the loan amount for? 

  • Payroll costs - Group health care benefits
  • Employee salaries - Interest on any mortgage obligation
  • Rent
  • Utilities
  • And any other debt obligations occurred before Feb. 15, 2020.


How much can you borrow? 

  • The maximum amount is the lesser of $10 million or 2.5 times the average monthly payroll based on last year’s payroll.
What if you can’t pay it back? 
  • First, all payments on principal, interest, and fees will be automatically deferred for six months.
  • Second, for businesses that retain their staff for up to 24 weeks, this loan can be forgiven.


Can the entire loan be forgiven? 

  • No, only the portion of the loan used to cover payroll costs, mortgage interest, rent, and utilities can be forgiven.
  • In addition, only up to 24 weeks can be forgiven.



Some additional resources can be found below:

CARES Summary of Health, Tax, Unemployment, Small Business, and Distressed Industries Provisions

CARES Act Small Business Frequently Asked Questions (FAQ)

CARES Act Paycheck Protection Program and Loan Forgiveness

CARES Act - Detailed Funding Summary

CARES Act - Appropriations Highlights

CARES Act Education and Labor Provisions

CARES Act Transportation and Infrastructure Committee Related Provisions

CARES Act - Jobs & Economic Importance of U.S. Infrastructure Network

CARES Frequently Asked Transportation Questions

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