In response to the economic impacts of COVID-19 in recent months, Gate City Bank has helped more than 1,200 businesses around the region through the Paycheck Protection Program (PPP).
PPP is a Small Business Administration (SBA) loan that was established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides small businesses with the resources they need to maintain payroll, hire back employees who may have been laid off and cover applicable overhead.
Gate City Bank’s PPP outreach touched 250 industries, resulting in a $42 million impact, according to the bank.
Gate City Bank employs more than 770 team members at 43 locations in 22 communities across North Dakota and central Minnesota.