Paycheck Protection Program Put on Express Track By The Murray Bank
Murray, KY – Throughout the entire Coronavirus pandemic, Tim Gallimore, the owner of Custom Surveillance and Electric, LLC has had one goal;
"Not to lay anybody off, to do anything I can to keep my guys on the payroll," Gallimore said.
The last paychecks those employees got, likely would have been their last had it not been for The Murray Bank helping Gallimore secure a Payroll Protection Loan through the CARES act.
"It's providing much needed income to pay payroll costs for the next eight weeks," Eleshia Brandon, Vice President of The Murray Bank said. “As the only locally owned bank in Murray and Calloway County, our community and our customers needed us to support them. And we jumped right into action mode.”
The Paycheck Protection Program offered forgivable loans worth up to $10 million to help companies survive the COVID-19-induced recession by providing them with funding to pay employees and help with some operating costs.
The Murray Bank started processing applications and worked around the clock to approve close to 10 million in PPP relief funding, while some of the nation's largest banks fell behind or didn’t accept applications at all.
The Murray Bank processed 164 PPP loan applications before the money was depleted. The loans will cover payroll costs, as well as some other approved costs for businesses for two months. If used this way, they can be forgiven.
For Tim Gallimore and Custom Surveillance and Electric it was everything he could have hoped for.
"The Murray Bank went above and beyond to help small businesses like mine the last couple of weeks," Gallimore said. “They put in many late hours to help local businesses, there is nothing like a hometown bank.”
As of April 16, the PPP fund was depleted. If more funds become available, The Murray Bank teams stand ready to assist you with this program. If you need more information, please visit their webpage at www.TheMurrayBank.com or reach out to them at their office (270) 753-5626
Founded in Murray, KY, The Murray Bank is proud to be Murray and Calloway County’s only locally owned and operated bank. The Murray Bank has three offices; 405 South 12th Street, 700 North 12th Street, both in Murray, and in Hazel at 405 Main Street. The Murray Bank is an Equal Housing Lender, Member FDIC. For more information on any services offered by The Murray Bank, call (270) 753-5626, (270) 492-8388 or log onto www.TheMurrayBank.com