The Paycheck Paycheck Protection Program (PPP), the business loan program created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help employers and workers during the COVID-19 pandemic, helped Plumas Bank inject nearly $256,500,000 in the Northern Nevada and Northeastern California economies. Plumas Bank worked closely with its clients to help distribute 2,811 loans in order to keep employees on payroll and navigate the immense challenges presented by the pandemic. As of April 1, 2022, 2,705 of those loans were forgiven under the terms of the PPP.
“As a community bank, this legislation was designed to help our clients stay viable. Community banks were financial first responders to help small businesses access PPP funds as quickly as possible,” said Andrew J. Ryback, president and CEO. “Our teams worked around the clock so businesses could keep their doors open and employees on the job.”
The PPP has distributed more than $789 billion in funds as of February 2022 to support businesses and their employees, with nearly 90% of the loans ultimately being forgiven to date. Plumas Bank facilitated 2,811 PPP loans totaling nearly $256,500,000 for small businesses.
“Our personal, ongoing relationships with the local businesses we serve allowed us to move quickly in getting these federal funds out the door and into the community,” Ryback added. “Having an ongoing understanding of the business needs of our clients helped us provide the best advice to meet their needs at a time of incredible stress and tension. We’re proud to support our clients in tough times and celebrate with them when they succeed.”
In addition to helping clients navigate the PPP, Plumas Bank offers a wide range of financial and investment services to consumers and businesses. As a community bank, Plumas Bank has a unique understanding of the needs of the local businesses and communities it serves.