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Small Business Relief Programs

The Bank of Elk River is here to help you. Listed below are several loan options available to small businesses.

May 28, 2020

SBA Paycheck Protection Program Update

5.21.2020 Funding is still available through the PPP program and The Bank of Elk River continues to take both customer and non-customer applications. Please note that applications will be processed in the order in which received. Thank you!

SBA Paycheck Protection Program Forgiveness Application

On May 15, 2020, the SBA delivered the next step of this process, which is the loan forgiveness application. Click here to see what you will be required to provide after the 8-week covered period (this period began on your loan disbursement date).

Please review the Forgiveness Application thoroughly to get an understanding of what the bank will need to collect and forward on to the SBA on your behalf. The way the form has been laid out by the SBA may be somewhat confusing. After review, it may be easiest to complete the form in the following order:

  • Pages 7 & 8 – Complete Questions
  • Page 9 – Complete Tables & Questions
  • Page 6 – Verify and complete any missing information
  • Page 3 – Complete Blanks
  • Page 4 – Initial Certifications, Sign & Date
  • Page 11 – Optional to Complete
  • Prepare documentation for submission as instructed on Page 10

**This document could have changes over the next few weeks and if that happens, rest assured, we will provide updates as we get them.**

Our goal is to assist you in attaining loan forgiveness. We are available and ready to help you along the way. Please contact your PPP banker who assisted you in the initial loan closing process with any questions you may have.

SBA Paycheck Protection Program (PPP) - Apply Here

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 incentive 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 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 (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. 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.
    • Salaries, wages, tips, commissions, etc.
      • Preferred: 2019 W-3 or 2019 payroll report from your payroll processing system
      • Will also accept 2019 Form 940, 2019 quarterly Form 941, or all 2019 W-2’s
    • Group Health Insurance (if included in the calculation)
      • All 2019 invoices or 2019 payroll report from your payroll processing system detailing employer paid amount
    • Retirement Benefit Costs (if included in the calculation)
      • 2019 payroll report from your payroll processing system detailing employer paid amount or other documentation supporting funding
    • Employer Paid State/Local Taxes
      • 2019 payroll report from your payroll processing system detailing employer paid amount for employer paid state/local taxes or 2019 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
      • All 2019 W-2’s or 2019 payroll report from your payroll processing system broken down by employee
    • Verification that 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 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 is 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.

Pandemic Unemployment Assistance Program

Summary of Program: Congress authorized a new Pandemic Unemployment Assistance program that covers those who do not qualify for regular Unemployment Insurance benefits, such as independent contractors and self-employed people. The program was authorized but must be created by the states, so Minnesota must build out this program before it can be implemented. More information will be available soon, however it could be several weeks before payments begin.

  • Why this might make sense for you: If you are an independent contractor or self-employed person who would not typically be eligible for unemployment benefits, but you have lost income due to the COVID-19 pandemic.

Minnesota Small Business Emergency Loan Program

Summary of Program: Minnesota Small Business Emergency Loans are made through an approved lender – you can find FAQs, application materials and lenders on the DEED website. These loans are for $2,500 to $35,000 and at a 0% interest rate. There is a total of $30 million available for this program.

  • Why this might make sense for you: If you are affected by Executive Orders 20-04 and 20-08, this program could provide a 0% loan to help you meet expenses.

Unemployment Insurance Shared Work Program

Summary of Program: The Shared Work program offers an alternative to layoffs for employers facing a temporary downturn in business. Administered by DEED's Unemployment Insurance Division, the program allows employers to divide available hours of work among a group of employees instead of implementing a full layoff. These employees may then receive partial unemployment insurance benefits while working reduced hours. The purpose of Shared Work is to avoid a layoff, not to subsidize wages.

  • Why this might make sense for you: Shared Work can help employers avoid the difficulties that can go along with a layoff. If employees keep working during a temporary slowdown, employers can more quickly gear up when business conditions improve. Learn more about the Shared Work Program on the Unemployment Insurance Division's website.

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


Neil Gagnon

Vice President, Commercial Lending


Email: [email protected]

Becky Moritz

Vice President, Commercial Lending


Email: [email protected]

Rob Riedel

Vice President, Commercial Lending


Email: [email protected]

Andy Meyer

Commercial Loan Officer


Email: [email protected]

Dusty Bredlow

Commercial Loan Officer


Email: [email protected]

Nate Ovall

Vice President, Commercial Lending


Email: [email protected]

Michelle Thatcher

Commercial Loan Officer


Email: [email protected]

Carl Gebhardt

Vice President, Commercial Lending


Email: [email protected]
Lynn B

Lynn Backlund

Business Deposit Specialist


Email: [email protected]