Twelve years ago when Greg and Joyce Feasel purchased a garden center, they had big dreams to expand it to much more. In addition to the nursery, they added a gorgeous gift shop, outdoor statuary and even a wine shop.
For the past 3 newsletters, I have discussed COVID-19 and its impact on the bank and on our local economies. While this pandemic still dominates the headlines, I am hopeful there is light at the end of the tunnel. Ohio residents are getting vaccinated, our daily case rates are declining and we’re able to remove our masks, should we choose to do so, and end occupancy restrictions. The question remains, what will the new normal be?
In planning for the 2021 crop season, there are many things to take into consideration regarding all the available options in crop insurance and your election of government program for your farm. Here is a brief overview of things to consider.
2020 certainly had its challenges for businesses, but that doesn't mean there won't be any opportunity in 2021. Whether you're starting a business, or just looking for ways to strengthen the one you have, there are 7 building blocks that will help cut problems off before they occur according to business.com.
The Effects of the Pandemic on the Economy and an Outlook for 2021
Posted on 12/15/2020 11:30:23 AM
2020 has been a year of many changes and the economy certainly reflects our unusual circumstances. Recently, Robert J. Morgan, an economist with ProBank Austin, shared with us the current state of the economy and what he thinks may impact it in the coming months.
The holiday season is upon us and it will no doubt look different for the majority of us. While a vaccine for COVID-19 will soon be available, large gatherings and traditional holiday celebrations are being discouraged by state and federal officials to ensure the safety of all. Like many of you, here at CNB, we have changed our typical holiday celebrations while looking forward to a more normal routine in 2021.
As you read this Executive Newsletter you will notice a theme - COVID-19. It has consumed us and forced us to change the way we go about our daily lives and run our businesses. Social distancing, masks, sanitation, and personal safety have become a new normal for Citizens National Bank and many of our business clients. The question remains, how long will these new preventative health measures last? For many businesses, this may be the new normal.
If you took advantage of the Paycheck Protection Program (PPP) through the Small Business Administration (SBA), you're probably wondering at this point about the forgiveness process. There have already been two versions released of the original loan forgiveness application, and recently they introduced a separate EZ application form which requires less calculation and documentation for borrowers.
Alternative Loan Opportunities for COVID-19 Relief for Business Owners
Posted on 6/29/2020 3:56:52 PM
As businesses continue to deal with the financial implications of COVID-19, there are still lending options to aid them. The Small Business Administration (SBA) recently re-opened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
"There's a broad-based slowdown of the global economy attributed to lower industrial production, a decrease in international trade and of course, the trade war," states Dr. Ian Sheldon of The Ohio State University Department of Agricultural, Environmental and Development Economics.
"2019 was a unique year," states Jason Williamson of Williamson Insurance. "It was a record-breaking year for prevent plant, while still providing some good yields in those fields that did get planted."
One of the biggest stresses we hear from our business customers is the time it takes to manage their employees' payroll and their concerns about making sure taxes are paid correctly and on time. In fact, according to the IRS, 40% of medium and small-sized businesses are fined for failing to deposit withholdings, miscalculating taxes or submitting incorrect filings annually.
Be Positively Sure You're Doing All You Can to Prevent Fraud
Posted on 2/24/2020 12:42:03 PM
While Check Positive Pay is something Citizens National Bank has offered for a few years now, customers who make a lot of electronic payments were also concerned about the potential for fraud. Enter ACH Positive Pay.
Economically speaking 2019 was a remarkable year, with almost all indexes showing a double digit return. Even the bond market did better than expected due to the Fed's rate cuts. So as we turn our focus to 2020, many of us are wondering if the strength of the economy can be sustained.
As a small business, one of the most inexpensive ways you can market to your customers and potential customers is through Facebook Ads. According to a survey by Kleiner Perkins, 78% of American consumers say they've discovered products on Facebook and 58% of consumers say that social media influences their shopping.
Direct Deposit - Even If Your Employees Don't Have a Bank Account
Posted on 1/9/2019 9:24:31 AM
According to the National Federation of Independent Businesses (NFIB) there are many benefits to you as the employer to paying your employees via direct deposit including: cost savings, reduced risk of check fraud or stolen checks, greater control over payroll, timely payment of salary checks, even when employees are away, and reduced bookkeeping because of immediate payments into employee accounts (no delays in cashing). Direct deposit is easy to set up through Citizens National Bank's Online for Business product and makes paying your employees much simpler from an operations standpoint.
If you're tired of the hassle of processing payroll every week for your employees and stressed out about staying on top of all the tax rules, consider letting Citizens National Bank do your payroll for you.
Fact: 97% of US farms are still family-owned and 88% of those make less than $350,000 in gross cash income. What the government chooses to roll into a new Farm Bill will impact many Americans whose livelihood depends on agriculture. The current Farm Bill is set to expire in September of this year.
Tax-related identity theft occurs when an identity thief has used your social security number to get a tax refund or a job. Unfortunately, it may be several months later that you realize it has happened when you are notified by the IRS that you were paid by an employer you don't know or that more than one tax return was filed using your social security number.
If you are an Online for Business customer you're automatically enrolled in our easy-to-use mobile app. Simply download it from the App Store or Google Play and log in with the same credentials and token you currently use for online banking. The App is free.
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