North Dakota banks await final rules, guidance regarding paycheck protection program


As the novel coronavirus (COVID-19) disease continues to impact communities across the country, North Dakota banks are making the health and well-being of their employees, customers and the communities they serve their top priority. Banks of all sizes are taking steps to respond to the needs of individuals and business customers, while continuing to execute their own business continuity plans under challenging conditions. 

Bank actions to assist customers vary based on a customer’s individual needs and circumstances. In the passage of the CARES Act, including the Paycheck Protection Program, the United States Congress provided much needed stimulus funding to benefit small businesses desperate for help as a result of the pandemic. 

While limited guidance has been issued by the Small Business Administration and the U. S. Treasury, banks continue to await final instructions final from Washington, D.C. and stand ready to serve their customers. 

“North Dakota banks have a history of helping individuals and small businesses during good times as well as the challenging times.” said NDBA President and CEO Rick Clayburgh. ICBND President Barry Haugen added, “North Dakota bankers are helping their customers understand and navigate the stimulus programs the government is in the process of implementing.” 

North Dakota banks entered this pandemic from a position of strength, thanks to record capital and liquidity levels as well as prudent planning and risk management. Banks look forward to helping small businesses across North Dakota get back to work and seeing our economy resume its strength and our lives return to normalcy.