y now, many of us are trying to settle into the “new norm”… a new work routine, a new childcare routine and even a new shopping routine with masks, social distancing and pick-up orders. Yet, we can all remember where we were when the pandemic first changed our lives, and the uncertainty it subsequently created. For many businesses, this uncertainty was magnified by one question: how will I continue to pay my employees? This question wasn’t only a top concern for businesses, it was a top question for congressional leaders as they acted swiftly to introduce the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) stimulus package, including the Paycheck Protection Program (PPP). The Paycheck Protection Program is a federal loan program aimed at helping small businesses who have been severely impacted by COVID-19. Businesses could receive funding–or a PPP loan–with the primary intent of funds be directed towards employee salaries. In other words, protect employees’ paychecks by continuing to pay them. All, or a portion, of the PPP loan will be forgiven (not be required to be paid back) if the business can show that it kept their employees employed. By Cole Keney, Business Advisor at Alerus
28 | AUGUST 2020 | FARGOMONTHLY.COM
As many businesses faced great uncertainty in mid to late March, the Paycheck Protection Program was a sign of hope during a time of darkness. And for many local financial institutions, it was time to do what we do best – act fast and do whatever possible to
