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About Us / COVID-19 / Business Banking Resources and Support for COVID-19

Business Banking Resources and Support for COVID-19

To help you through this uncertain time, we’ve assembled some resources to support you and your business.

Paycheck Protection Program Update

Updated 4/29/20

On April 23, Congress passed additional funding to re-open the Paycheck Protection Program (PPP), which has allowed the Small Business Administration (SBA) to approve additional loans for qualifying small businesses and nonprofits. $310 billion has been allocated toward Phase 2 of the program. As a reminder, Phase 1 of the PPP was allotted $350 billion, and all funds were depleted in less than two weeks.

What does this mean to your PPP loan request?

  • Clients who received SBA approval in Phase 1 prior to funds being depleted were assigned an SBA loan number, and they are continuing to move through the process and will receive funding (if they haven’t already) subject to the terms previously communicated, including final loan documentation needed for closing.

  • Clients who had not been approved by the SBA prior to the initial allotment of PPP funds being exhausted had their loans put “on hold” in hope that additional funding was made available. Now that the program has received Phase 2 funding, we are submitting these loans for SBA approval and continue to finalize all application material for those that had not yet done so. Client communication will occur as these loans move through the approval and, hopefully, the funding process.

Is The Farmers Bank accepting additional applications in Phase 2?

The Farmers Bank began accepting new applications on Monday morning, April 27, but due to overwhelming demand and the fact that the SBA is experiencing significant delays in their loan application submission process, we are no longer accepting applications at this time.

  • Clients who applied on or prior to April 16 during Phase 1 of the PPP program but were unable to receive approval in time are being submitted to the SBA first, assuming their application is in a final format to do so.

  • Newly received applications (those that applied on or after April 27) will be submitted to the SBA as they are received and finalized.

If The Farmers Bank is able to accept more applications, what can you do to prepare for the PPP application if you haven't already applied?

If you are a Farmers Bank customer, be application-ready for the Paycheck Protection Program (PPP) by gathering the following information:

  • 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
  • Payroll reports for a twelve-month period (ending on your most recent payroll date), which will show the following information:
  • Gross wages for each employee, including officer(s) if paid W-2 wages.
  • Paid time off for each employee
  • Vacation pay for each employee
  • Family medical leave pay for each employee
  • State and local taxes assessed on an employee’s compensation
  • Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan.
  • Include all employees and the company owners
  • Document the sum of all retirement plan funding that was paid by the company owner(s) (do not include funding that came from employees out of their paycheck deferrals).
  • Include all employees and the company owners
  • Include 401K plans, Simple IRA, SEP IRA’s
  • TAX ID/EIN and complete ownership information

Download the PPP Overview

Download the PPP Borrowers Information Sheet

All information is subject to change per SBA guidance.  Please visit for additional information.

Additional Relief Programs

Economic Injury Disaster Loans (EIDL)

  • Purpose: To supplement lost revenue on account of COVID-19

  • Use of Funds: Payroll expenses, fixed debts, accounts payable, other expenses

  • Amount: Up to $2MM

  • Rate: 3.75% or 2.75% for non-profits

  • Structure: Up to 30 years

  • Forgiveness: None

  • Features: Guarantor support and any available collateral required

  • How to Apply:

SBA Traditional 7A

  • Purpose: New money for recovery, purposes unrelated to COVID-19

  • Use of Funds: Refinance of current debts, purchase and refinance of real estate, new money for purchases of equipment or software, working capital, business acquisitions, business improvements, support for startups that don’t qualify for disaster assistance

  • Amount: Up to $5MM

  • Rate: SBA market rates

  • Structure: Up to 25 years

  • Forgiveness: None

  • Features: Guarantor support and any available collateral required

Contacting Your Banker

  • Most of our Commercial Banking Officers are now working virtually and are available to serve your financial needs by phone or appointment.  Please call (765) 654- 8731, Monday through Friday 7:00 am to 7:00 pm and Saturdays 9:00 am to 12:00 pm.

All SBA loans subject to eligibility, program requirements and program availability.