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Home » Ricketts Praises Community Banks for COVID-19 Response

Ricketts Praises Community Banks for COVID-19 Response

Published by Scott Stewart on Thu, 04/16/2020 - 4:14pm

Lincoln – Nebraska Gov. Pete Ricketts praised the efforts of the state’s community banks to support the credit needs of their small business clients across the state, despite a fast rollout for the federal Paycheck Protection Program.

“We want to encourage any employer who has experienced substantial financial impact from the pandemic to reach out to their community banker,” Ricketts said.

Nebraska’s 160 banks are helping keep the state working during an incredibly difficult time, he said, working long days – many while trying to work from home.

Jeff Kanger, executive director of First State Bank, said there are four different phases of the Payroll Protection Program:

• Processing the loan application and securing funds;

• Distributing the funds to small businesses so that they can meet payroll and continue operations;

• Documenting the use of funds by collecting receipts; and

• Submitting receipts so that the loan can be forgiven.

“In Nebraska we play all four quarters, and this is a four quarters program,” Kanger said.

– Nebraska Governor’s Office

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