CNSTC: October 7, 2020

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October 7, 2020

Working to save small businesses

Around Town Kathryn Linnemann Branch Library closed for repairs. Pg. 3 Safely dispose unused prescription drugs for free at National Rx Take Back Event. Pg. 3 St. Charles County professional selected for Public Safety Trainer of the Year Award. Pg.5

School

WSD opens new elementary school. Pg.7

Flip for Features

Rustin Colter, a loan officer and branch manager at Peoples Savings Bank looks over Personal Paycheck Protection Loan documents at his office in Hermann.

Submitted photo

Community banks have great success at getting small businesses enrolled in the Paycheck Protection Program By Brett Auten During the recent economic downturn, small businesses dotted throughout St. Charles County were struggling to hold things together. Due to lifestyle changes and government restrictions during – and continuing – through the COVID-19 pandemic, the future of some small businesses are like a goldfish gasping for air. Some comfort came earlier this year in the

form of the Paycheck Protection Program (PPP) that provided small businesses with funds to pay up to 24 weeks of payroll costs including benefits. Those funds could also be used to pay interest on mortgages, rent and utilities. In the program’s first weeks, the country’s larger banks were criticized for slow processing and accused of favoritism toward their larger customers. But smaller banks continued to put in overtime. A community bank with 85 years’ worth of

heritage on its dossier, Peoples Savings Bank is one such approved lender for the Paycheck Protection Program. “A lot of people knew about the loans so it was all-hands-on-deck for us,” Jordan Lampkin, assistant vice president and loan officer at Peoples Savings Bank, said. “It was a very fast-paced, volatile experience. Everyone was extremely anxious during that first round.” And, according to a spring report from the See ‘SAVE’ page 2

Serving St. Louis, St. Charles and Lincoln Counties | FREE Online at mycnews.com | Vol.22 No.41 | 636-379-1775

Recipe, Movie & Sudoku. Pg. F-1 CLASSIFIEDS AND HOME & GARDEN. Pg. F-2 /F-3 Moore On Life, Yeggs & Crossword. Pg. F-4

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