Updates To Northwoods Bank Services Due to COVID-19


Learn more about the measures we’re taking in response to COVID-19

Northwoods Bank continues to closely monitor the information surrounding the Coronavirus pandemic around the nation. Our top priority is the safety and health of our customers and employees, and we wanted to let you know some of the things we’re doing to protect our branches.

We are here to help!
Financial relief for customers Impacted by COVID-19

Northwoods Bank has proudly worked with our customers in times of need much like we’re seeing today. Rather than a one size fits all approach, we want to find solutions that meet customers’ unique needs, while providing multiple ways for them to request assistance. For those customers who prefer a self-service option, we offer online or mobile banking 24/7 for your convenience.

Loan Services, Personal Bankers, account opening and access to your Safe Deposit Boxes will be available by calling (218) 732-7221 for an appointment.

Drive-up and Walk-up hours

Main Branch
Mon - Fri: 8:00 am to 5:00 pm
Sat: 9:00 am to 12:00 pm

Express Branch
Mon - Fri: 7:30 am to 3:00 pm
Sat: Closed

Nevis Branch
Mon - Fri: 10:00 am to 4:30 pm
Sat: 9:00 am to 12:00 pm

Pine City Branch
Mon - Fri: 8:30 am to 5:00 pm
Sat: 9:00 am to 12:00 pm

Night Depository available after hours and ATM services are available 24 hours a day.

Our Main Branch Staff will continue to work during our normal business hours of 9am-4pm Monday – Friday. Please email us at This email address is being protected from spambots. You need JavaScript enabled to view it. or call us at (218) 732-7221 with any questions. Please visit nothwoodsbank.com for the most up to date information and to contact us.

Paycheck Protection Program

Forgivable SBA loans for eligible small businesses to cover payroll costs and other operating expenses.

Small businesses with fewer than 500 employees are encouraged to quickly apply for the newly created Paycheck Protection Program, a loan that provides a direct incentive for small businesses that keep or quickly rehire employees, as well as for certain other expenses.

These loans provide up to 8 weeks of your payroll and benefit costs, plus an additional 25%. SBA will forgive
the loan if all employees are retained on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

At least 75% of the funds must be used for payroll. If you reduce the number of employees or have a reduction of more than 25% in wages paid to employees, the amount of loan forgiveness will be reduced. The loan forgiveness cannot exceed the principal and any accrued interest.

Here’s a quick look as some of the Small Business Administration program’s most important features.
  • All small businesses with 500 or fewer employees are eligible - including nonprofits, self-employed individuals, sole proprietorships, and independent contractors.
  • Loans can be for up to 8 weeks of your average payroll and benefit costs from last year, plus an additional 25%. The amount is subject to a $10 million maximum and payroll costs will be capped at $100,000 annualized for each employee.
  • There is no collateral or personal guarantee required. No loan fees.
  • To apply for loan forgiveness, a borrower must send a request to its lender and provide the relevant documents to verify compliance of the conditions discussed above.
  • The loan will have an interest rate of 1 percent, a maturity of 2 years, and payments are deferred for six months, however interest will continue to accrue over this six-month period. If all requirements are met the loan will qualify to be forgiven. Terms of the loans are the same for all applicants.
  • Our team will work to approve these loan applications as quickly as possible following SBA eligibility guidelines.
  • Who can apply?

    This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veteran’s organizations, and Tribal Businesses described in the Small Business Act if they meet the SBA program size standards.

    Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

  • When can I apply?
  • What if I need to rehire employees to qualify for the PPP loan?
  • What about the other relief programs under the CARES Act?
  • Where can I find additional resources?
  • What documents do I need for the loan application?
Other notes:  If you are a seasonal employer, you may elect to provide the above information for the time period of February 15, 2019 through June 30, 2019.  If you are a new business, provide the above information for the time period of January 1, 2020 through February 29, 2020
Contact us today. Our loan experts are ready to assist with your loan application.