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Small Business Relief Programs

As part of the COVID Relief Act that Congress passes at the end of 2020, SBA has determined the requirements needed for businesses to apply and receive new funds. Organizations that did not apply during the first round of PPP loans are eligible to apply now. Those organizations who applied and received funds can apply for the second round of funds. Both customers and non-customers of The Bank of Elk River area eligible to apply.

The SBA opened applications on 1.11.2021 to Community Financial Institutions, while we are not included in this group of institutions we are currently accepting applications and adding them to our submission queue. The SBA will begin accepting applications on 1.15.2021 for the first time and second round PPP applications.

For 2nd draw processing, we are able to use payroll information from first-round applications for the 2nd draw loans. The SBA has streamlined 2nd draw paperwork so the only items needed are the SBA Form 2483-SD Application and for loans over $150k financial statements showing the 25% revenue reduction. For fastest processing please refrain from submitting any documents in excess of this at this time. We expect to have additional guidance from the SBA later this week on what, if any, modifications to loan amount from 1st draw to 2nd draw will be allowed.


Second Round PPP Application Information and Forms

  • Industries with NAICS Codes beginning with 72 will be eligible for 3.5X average monthly payroll versus 2.5X as allowed last round.
  • The maximum loan amount is $2,000,000.

General Eligibility:

  • Organizations must have received a 1st round PPP loan and have used or will use 100% of the proceeds on eligible expenses.
  • Organizations with 300 employees or less (for companies with NAICS codes beginning in 72 this is per physical location)
  • Organizations must have had a 25% reduction in revenue in any one quarter of 2020 compared to the same quarter of 2019 –OR- a 25% reduction in revenue for 2020 in total when compared to 2019.


Depending on the amount of your last PPP loan, there are different requirements:

Previous PPP loan less than $150,000 you obtained with The Bank of Elk River:

Previous PPP loan greater than $150,000 you obtained with The Bank of Elk River:

  • Submit the following via our secure portal:
    • Completed SBA Form 2483-SD
    • 2020 and 2019 Quarterly Financials showing a 25% decrease in revenue in 2020.

Previous PPP loans greater than $150,000 you obtained from another institution:
Even though you received a PPP loan through another bank, The Bank of Elk River can happily process your request.

  • Submit the following via our secure portal:
    • Completed SBA Form 2483-SD
    • 2020 and 2019 Quarterly Financials showing a 25% decrease in revenue in 2020.
    • Payroll documentation provided for first round loan calculations


  • First Time PPP Applicant Information and Forms

    SBA Paycheck Protection Program (PPP)

    Summary of Program: The SBA PPP is a billion dollar loan program at SBA for small businesses, self-employed people, and gig workers to help them from going under due to the COVID-19 pandemic. This loan can be 100% forgiven as long as appropriate criteria is met.

    • Why this might make sense for you: The Paycheck Protection Program ("PPP") is a loan designed to provide direct incentives for small businesses to keep their workers on the payroll. The PPP 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) veterans organizations affected by the coronavirus/COVID-19. The SBA will forgive a portion or all of the loans for the money that is used for payroll (8-weeks), rent, mortgage interest, and/or utilities.
    • How do I apply?: Please submit the application and applicable docs through our secure online portal. Instructions on how to use the portal can be found here. The Bank of Elk River will process SBA PPP applications as soon as the Small Business Administration states we can. Please bookmark this page and check-in occasionally as updates will be posted directly to this site.
    • What documents are needed: In addition to the application, the applicant will need to provide documentation supporting Average Monthly Payroll calculations. Definition of qualified payroll expenses and how to calculate Average Monthly Payroll are on page 3 of the application. All participating lenders are required to verify the Average Monthly Payroll calculation. Depending on the applicant’s payroll and benefits, supporting documentation may include:

      • Copies of 2019 or 2020 payroll tax reports filed with the IRS (Forms 941, 940, W2, W3, state income and unemployment tax filing reports). First-quarter of 2020 filings should be provided if available too. Summary and detailed reports are also helpful if available.
      • Documentation reflecting the health insurance premiums paid by the company under a group health plan for 2019 or 2020 (note: owners of S-corps will have health insurance premiums on their W-2’s). Copies of the annual, quarterly, or monthly invoices should suffice.
      • Documentation of all retirement plan funding paid by the employer for 2019 or 2020. Copies of work papers, schedules, and remittances to the retirement plan administrator should be sufficient.
      • Payroll report covering operation certification date of 2/15/2020. Payroll tax report or 1099-Misc for independent contractors would suffice as well.
        • Preferred: 2019 or 2020 W-3 or payroll report from your payroll processing system
        • Will also accept 2019 or 2020 Form 940, 2019 or 2020 quarterly Form 941, or all 2019 W-2’s
      • Group Health Insurance (if included in the calculation)
        • All 2019 or 2020 invoices or payroll reports from your payroll processing system detailing the employer-paid amount
      • Retirement Benefit Costs (if included in the calculation)
        • 2019 or 2020 payroll report from your payroll processing system detailing employer-paid amount or other documentation supporting funding
      • Employer Paid State/Local Taxes
        • 2019 or 2020 payroll report from your payroll processing system detailing employer-paid amount for employer-paid state/local taxes or 2019 or 2020 state unemployment tax filing reports (employer-paid federal taxes and withholdings are ineligible)
      • Verification that wages of no single employee exceeded $100,000 in 2019 or 2020
        • All 2019 or 2020 W-2’s or payroll reports from your payroll processing system broken down by employee
      • Verification that the business was operating and had employees as of 2/15/2020
        • Preferred: payroll report, financial statement, or Form 941 covering that date
      • Self-Employed (no W-2 wages)
        2019 or 2020 tax return, K-1’s, 1099, bank statements, and/or other acceptable documentation to support income
    • What is the status of my application? Your request is important to us. We are currently experiencing a high volume of applications and are working diligently to respond to requests as quickly as possible, prioritizing customers first and non-customers second. Each applicant will receive an email from us once we begin processing your application. Please know we are working seven days a week to process requests and we sincerely appreciate your patience.
    • Helpful links: Information on the program can be found on the SBA's website.

    Instructions for calculating loan amount are on page 3 of the application along with what all can be included to qualify as payroll expenses in calculation determination. If you’re unsure which documents you need to submit, please submit everything you have and we will work with you to collect the information.

  • EIDL

    Disaster Loan Assistance

    SBA's Economic Injury Disaster Loans (EIDL) and Advance Program has been reopened!

    To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the program to all eligible applicants experiencing economic impacts due to COVID-19 today.

    This program provides the best opportunity to recover with the least amount of financial burden. It is being offered to all sectors of business across the United States: for profit, non-profit, non-public sectors.

    • Low-interest loans up to $2 million to small businesses and private non-profits
    • $10,000 loan advance that is forgivable
    • May be used to pay fixed debts, payroll, accounts payable and other bills
    • 11-month immediate deferment from time of closing
    • Low interest (3.75% for business and 2.75% for non-profit)
    • Long-term amortization (up to 30 years)

    Apply directly with the SBA (not your financial institution). Learn more about eligibility and program details at SBA.gov

  • PPP Loan Forgiveness

    SBA Paycheck Protection Program Forgiveness Applications

    The SBA has issued a simple application for loans of $50,000 and less. You will still be required to submit supporting documentation to show use of proceeds with the application.


    1. PPP Loan Forgiveness Application 3508S for loans $50,000 and under

    If your PPP loan amount is $50,000 or less, please fill out the following:

    Once you have exhausted your PPP funds, please submit this completed application and all required documents as one package to your lender upon the conclusion.

    2. PPP Loan Forgiveness Application Form 3508EZ

    You can complete the easy application if your organization meets at least one of the three following criteria.

    1. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483)

    2a. The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020, and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);

    AND

    2b. The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020, and the end of the Covered Period. (Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020, if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. Also, ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.

    3a. The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);

    AND

    3b. The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020, and December 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

    If your organization meets at least one of the three criteria listed above, please fill out the following forgiveness application:

    Once you have exhausted your PPP funds, please submit this completed application and all required documents as one package to your lender upon the conclusion.


January 16, 2021

12.16.20 News from the State of Minnesota regarding relief funding

Here is a summary of Monday's Special Session's $216.8 million business relief package:

  • $88 million to businesses closed to the public under Executive Order 20-99 and experiencing at least a 30% sales decline (compared to 2019) that provide on-site food and beverages including bars, restaurants, breweries, and wineries as well as bowling alleys and fitness or sports recreation centers. Relief amounts ($10,000 - $45,000) will be based on the number of workers and be administered directly by the Minnesota Department of Revenue with distribution as soon as possible.
  • $114.8 million directly to Minnesota counties for grants to eligible businesses and nonprofits impacted by an executive order related to COVID-19. Each county would receive a minimum of $256,250 or $19.25 per capita amount based on its 2019 population. Each Minnesota county will administer these relief funds including making eligibility decisions and can add their own eligibility requirements with the disbursement of funds by March 13, 2021.
  • $14 million for movie theaters and multipurpose convention centers with a capacity of at least 1,500 people. A per screen formula will be used to help movie theaters and several factors would be considered for convention center allocations. This relief will be administered by the Minnesota Department of Employment and Economic Development.

Also included is unemployment support for Minnesota's workers:

  • An extension of unemployment benefits for individuals who exhaust their regular or pandemic unemployment benefits between December 19, 2020, and April 3, 2021, if an individual is eligible to receive additional unemployment benefits.
  • Eligibility includes Minnesotans unemployed, partially unemployed, or unable to work due to lack of work and meet the requirements for regular unemployment benefits established in Minnesota Statutes.


Learn more about the Special Session decisions here .


Additional SBA programs through The Bank of Elk River

As an SBA preferred lender, we have the knowledge and expertise to utilize a variety of SBA programs to help grow your business. Learn More

Wright County Business Grants

Wright County has opened applications for Small Business Relief Grants. Depending on the number of employees, a small business can request up to $20,000 ($6,000 for a home-based business). All funds are expected to be disbursed by Tuesday, February 16. The application can be found on the left side of the main County webpage at www.co.wright.mn.us.

Hennepin County Small Business Relief Fund

Grant applications are available now through Thursday, January 14 at noon to eligible small businesses and nonprofits that have been financially harmed by the COVID-19 pandemic. For details click HERE.

New COVID Relief Grants for Anoka County Businesses

Anoka County was allocated just under $7 million for grants as part of a state aid relief package. This funding is now available to qualifying businesses and nonprofits impacted by COVID-19.

Businesses or nonprofits applying for this funding must meet several criteria, including having a physical location in Anoka County, having incurred a financial hardship due to COVID-19, and they must be in good standing with the Minnesota Secretary of State.

Grant amounts range from $10,000 to $45,000 depending on employment and type of organization. Applications will be reviewed on a first-come basis, with all applications being processed by March 15, 2021. Priority will be given to applicants that were impacted by Executive Order 20-99 and applicants that did not receive a CARES Act grant. Anoka County will contact businesses or nonprofits with any questions on their applications or to notify them of approval.

Please visit the Anoka County COVID-19 relief page for full details on the grant program:
https://www.anokacountysuccess.org/covid-19-anoka-...

You will find the following resources on the COVID-19 Relief Page:

  • Business and Nonprofit Grant Guidelines
  • Frequently Asked Questions (FAQs)
  • Grant Application Details and Link (once live on 1/14/21)
  • Additional state and federal assistance programs

Organizations can email [email protected] with any questions or for assistance with filling out the online application.

Contact a Business Banker for Further Assistance

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Neil Gagnon

Vice President, Commercial Lending

763.241.8584

Email: [email protected]
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Becky Moritz

Vice President, Commercial Lending

763.241.8557

Email: [email protected]
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Rob Riedel

Vice President, Commercial Lending

763.274.6895

Email: [email protected]
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Andy Meyer

Commercial Loan Officer

763.274.6887

Email: [email protected]
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Dusty Bredlow

Assistant Vice President, Commercial Loan Officer

763.241.8513

Email: D[email protected]
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Nate Ovall

Vice President, Commercial Lending

763.241.8565

Email: [email protected]
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Michelle Thatcher

Assistant Vice President, Commercial Loan Officer

763.241.8592

Email: [email protected]
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Carl Gebhardt

Vice President, Commercial Lending

763.274.6873

Email: [email protected]
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Lynn Backlund

Business Deposit Specialist

763.241.8595

Email: [email protected]