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Small Business Relief Programs

We realize the COVID-19 pandemic has caused a tremendous hardship on businesses, their employees and families. The Bank of Elk River is here to help provide assistance to you during this time. Listed below are several loan options available to small businesses.


August 12, 2020

SBA Paycheck Protection Program

The Bank of Elk River continues to take current customer applications through August 9, 2020. We are not taking non-customer applications at this time. Click here to download the application.

SBA Paycheck Protection Program Forgiveness Applications

Effective 7.13.2020
The Bank of Elk River is waiting for the Department of Treasury and SBA to open the portal for banks to submit forgiveness applications. We will update this web page once that has opened. Please check back here frequently.

The SBA has updated its requirements and forms for the PPP forgiveness process. Listed below are two updated PPP loan forgiveness applications that you can select from depending on criteria:

1. 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.


2. PPP Loan Forgiveness Application form Revised June 16, 2020

If your organization does not meet the easy application criteria, 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.


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

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

*Information on this page has been provided by Minnesota’s Small Business Administration, MN Chambers and The Bank of Elk River. Information will be updated as it becomes available.

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

Commercial Loan Officer

763.241.8513

Email: [email protected]
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Nate Ovall

Vice President, Commercial Lending

763.241.8565

Email: [email protected]
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Michelle Thatcher

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]