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.
Effective 10.9.2020
The SBA has issued a new 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.
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.
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.
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.
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
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.
