First National Bank Minnesota Lobbies Are Open

We are happy to announce that we have re-opened First National Bank Minnesota lobbies with precautionary measures in place to keep our employees and customers safe and healthy.

What are we doing to keep our customers and employees safe while visiting our lobbies?

• Plexi-glass shields. We have installed plexi-glass shields at our teller windows and banker desks to help prevent transmission of the virus.
• Social distancing. We have placed signs in the lobby and markers on the lobby floor to indicate a safe social distance from other customers. When visiting the branch, please remember to social distance.
• Masks.  In order to comply with Executive Order 20-81, face coverings are required prior to entering. 
• Hand sanitizer. There are hand sanitizers placed throughout our lobbies for customer use.
• Pens. If you do not have a pen, we will provide a clean pen for you to use. You can either keep it or place it in a basket to be sanitized.
• Cleaning. We have increased our cleaning efforts and will disinfect high-touch surfaces between each customer (handles, counters, keypads, etc.).
• Coffee/Water Stations. In an effort to minimize the spread of Covid-19, we are temporarily closing our coffee and water stations in the lobbies.
• Restrooms. In an effort to minimize the spread of Covid-19, restrooms will temporarily be closed to the public.

If you would prefer to bank remotely, you can access your accounts online 24/7 by using online and mobile banking. For more information on our online services, please click the link below. 

FIRST NATIONAL BANK MINNESOTA ONLINE SERVICES

Thank you from all of us at First National Bank Minnesota for your patience and understanding during these unprecedented times.

Business Updates and Links

Paycheck Protection Program
Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders. 

PPP Forgiveness Applications Issued

On October 8, 2020 the Small Business Administration released a simpler, two-page forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less - SBA Form 3508S.  To view the instructions or fill out an application, visit the links below:

PPP Loan Forgiveness Application Form 3508SPPP Loan Forgiveness Application Form 3508S Instructions

 On June 16, 2020, the SBA and Treasury Department released updated Paycheck Protection Program  loan-forgiveness applications.  The agencies issued a revised full forgiveness form and new EZ application from requiring less calculation and documentation as well as updated their instructions for the regular form and EZ form.

The new EZ form applies to borrowers that:

• Are Self-employed and have no employees, or
• Did not reduce their employees' salaries or wages by more than 25 percent and did not reduce their employees' number or hours, or
• Experienced reductions in business activity due to health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25 percent.
• For complete details, visit the Paycheck Protection Program on the SBA website.
  
  PPP Loan Forgiveness Application PPP Loan Forgiveness Application Instructions
  
  PPP Loan Forgiveness EZ Application PPP Loan Forgiveness EZ Application Instructions

Minnesota Small Business Loan Guarantee Program

The Minnesota Department of Employment and Economic Development (DEED) now offers the Minnesota Small Business Loan Guarantee Program. This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19. These loans can be used for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.

The funds can only be provided to Minnesota businesses with fewer than the equivalent of 250 employees. The number of employees includes parent company and all locations. The program will provide an 80% guarantee up to a maximum of $200,000. A fee of .25 percent on the guarantee loan principal will be charged for each loan enrolled into the program.

Small Business Emergency Loans
DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time. Loans are available  through SBEL approved lenders.

Federal SBA Disaster Loans and Emergency Grants (COVID-19)
The U.S. Small Business Administration is offering a low-interest federal disaster loans and a one-time emergency grant of up to $10,000 for working capital to small businesses and private non-profits suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Frequently Asked Questions for Employers and Businesses

Apply for a COVID-19 Economic Injury Disaster Loan

State/Local Links

There are many local resources that feature valuable Covid-19 content.  Please use the following links for resources in your area:

• Greater Mankato Growth:  https://greatermankato.com/covid-19-info-resources
• St. Peter Chamber of Commerce:  https://www.stpeterchamber.com/
• Mankato Clinic:  http://www.mankatoclinic.com/covid-19-information
• Mayo Health Systems: https://www.mayoclinichealthsystem.org/covid19
• Minnesota Department of Health:  https://www.health.state.mn.us/diseases/coronavirus/index.html
• Minnesota Department of Employment and Economic Development:  https://mn.gov/deed/newscenter/covid/
• Minnesota Attorney General's Office:  Protect yourself from COVID-19 scams, report price-gouging
• Center for Disease Control - Coronavirus Resource Page:  https://www.cdc.gov/coronavirus/2019-nCoV/index.html