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.
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:
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.
First Time PPP Applicant Information and Forms
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.
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
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.
Apply directly with the SBA (not your financial institution). Learn more about eligibility and program details at SBA.gov
PPP Loan Forgiveness
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.
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.
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.
Here is a summary of Monday's Special Session's $216.8 million business relief package:
Also included is unemployment support for Minnesota's workers:
Learn more about the Special Session decisions here .
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 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.
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.
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:
Organizations can email [email protected] with any questions or for assistance with filling out the online application.