Paycheck Protection Program 

LOAN FORGIVENESS APPLICTION: 

To apply for a PPP loan here are the documented needed:

List of documents recommended to have ready: 

  • Articles of incorporation/organization
  • By-laws/operating agreement
  • Copies of payroll tax reports filed with the IRS (including Forms 941, 944, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available)
  • Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan
  • Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination
  • Documentation of all retirement plan funding by the employer for the immediately preceding 12 months.
  • A detailed profit and loss statement for the year ended 2019 and YTD 2020

For those of you with approved PPP applications, you can download our Next Steps Fact Sheet here.  

 

ADDITIONAL RESOURCE LINKS & LOAN OPPORTUNITIES 


COVID - 19 Disaster Relief Loan Program Updates 

4.25.2020 Update: 

The SBA will resume taking Paycheck Protection loan applications on Monday April 27th at 9:30am.

If you are planning to apply for a Paycheck Protection Loan and have yet to submit your application through Profinium, you should do so as soon as possible early next week. 

The U.S.Chamber of Commerce has updated their Coronavirus Emergency Loans Small Business Guide and Checklist. 

4.20.2020 Update: 

We are keeping a close eye on what is happening in Washington with both the Paycheck Protection Program under the CARES Act and the Agricultural Relief Program, Coronavirus Food Assistance Program. There will be a lot of moving parts happening in the days to follow.  If you have not done so already, one of the top things you can do now is to check in with your banker if you are planning to apply for either program.  


4.15.2020 Update: 

The U.S. Chamber has updated their emergency loan guide: Guide and Checklist for Small Businesses and Nonprofits

 ADDITIONAL RESOURCE LINKS: 

ADDITIONAL LOAN OPPORTUNITIES: 

 



4.7.2020 Update:  

Our clients are at the core of all we do.  When news rapidly rolled out about the SBA Pay-Check Protection Program, our team took immediate action to create the mechanism to get these funds to our clients.  We knew this was a first come first serve basis. So, we pulled out all the stops and did everything necessary to serve the clients who contacted us with their requests and completed applications.  At this time, we have reached our allocated limit of funding for the PPP loan program.  If things change within the program that would open up additional funds, we will contact you immediately.  In the meantime, we would be happy to refer your application to another top tier bank for processing if that would help you.

For those of you with approved PPP applications, you can download our Next Steps Fact Sheet here.  

Important PPP Application Dates:

  • *Note: Small businesses and sole proprietorships could apply for PPP loans beginning April 3, 2020. 
  • *Note: Independent contractors and self-employed individuals can apply beginning April 10, 2020.

ADDITIONAL RESOURCE LINKS: 

ADDITIONAL LOAN OPPORTUNITIES: 

 



4.6.2020 Update: 

We want to thank our banking team that worked tirelessly this past weekend to submit applications to the SBA. 

"Thank you for your committment to your teammates, our clients, our communities and our economy. You are doing amazing things! ~ Brian Weimer, Chief Banking Officer

 

Process for submitting PPP applications: 

  • Download our CARES Act - Payroll Protection Program Borrower Checklist here
  • Keep in communication with your banker if you are working on an application. 

 

Important PPP Application Dates:

  • *Note: Small businesses and sole proprietorships could apply for PPP loans beginning April 3, 2020. 
  • *Note: Independent contractors and self-employed individuals can apply beginning April 10, 2020.

 

ADDITIONAL RESOURCE LINKS: 

ADDITIONAL LOAN OPPORTUNITIES: 

 



4.4.2020 Update: 

SBA has opened the portal and we have a team diligently working to get your applications processed.  Stay tuned for notifications from your banker. 

Documents needed:

  • Paycheck Protection Program application: Download Here
  • Paycheck Protection Loan Estimator: Supplied by one of our bankers

List of documents that has been recommended to have ready: 

  • Articles of incorporation/organization
  • By-laws/operating agreement
  • Copies of payroll tax reports filed with the IRS (including Forms 941, 944, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available)
  • Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan
  • Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination
  • Documentation of all retirement plan funding by the employer for the immediately preceding 12 months.
  • A detailed profit and loss statement for the year ended 2019 and YTD 2020

*Note: Small businesses and sole proprietorships could apply for PPP loans beginning April 3, 2020. 

*Note: Independent contractors and self-employed individuals can apply beginning April 10, 2020.



4.3.2020 11:06am Update: 

Here is what we know as of this morning: 

  • SBA has not opened the portal yet and we have a team continually monitoring the site. 
  • The interest rate for the PPP Loan has been updated by the SBA to 1%.
  • SBA has updated their application. All the links below are updated with the new application
  • As you are working with our bankers they will have a calculator to help you determine how much to apply for. 
  • Reminder: this is a list of documents that has been recommended to have ready: 
    • Articles of incorporation/organization
    • By-laws/operating agreement
    • Copies of payroll tax reports filed with the IRS (including Forms 941, 944, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available)
    • Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan
    • Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination
    • Documentation of all retirement plan funding by the employer for the immediately preceding 12 months.
    • A detailed profit and loss statement for the year ended 2019 and YTD 2020

ADDITIONAL RESOURCE LINKS: 

ADDITIONAL LOAN OPPORTUNITIES: 



4.2.2020 Update: 

SBA Direct Loans: 

  • Emergency Economic Injury Grant:
    • $10,000 available within three days of submitting an Economic Injury Disaster Loan. 
  • Emergency Injury Disaster Loan:
    • Loan size and repayment terms determined by SBA once the application is submitted and approved.
    • Rate will be 3.75% fixed for up to 30 years.
    • Currently wait time is 4-6 weeks. Expect a longer back log as time rolls on. 

CARES Act Programs: 

  • PPP loan applications will begin being processed on April 3, 2020. However, you can send your completed application to your banker today. Application can be found here.
  • The U.S. Chamber of Commerce has put together a guide breaking down the CARES Act Loan Program. It includes details on how to calculate average monthly payroll costs.  You can access to the guide here. 
  • Some critical benefits of the Payment Protection Program (PPP): 
    • Cash to cover select business expenses (such as employee salaries and payroll support, rent or mortgage and utility payments, insurance premiums)
    • 6 months of deferred loan payments. 
    • Loan forgiveness (a portion, or possibly all, of you loan may be forgiven)
  • Additional key points to note for the PPP loan: 
    • Length of a PPP loan: 2 years
    • Interest rate on a PPP loan: 1% (SBA updated the rate on 4.3.2020) 
    • Maximum dollar amount of a PPP loan: 2.5x of your average total monthly payments for payroll costs of the business during the 1-year period before the loan was made.
    • Payroll costs include salary, wage, vacation, parental, family, medical or sick leave, severance, health care benefits, and local taxes. 
    • The last day to apply for a PPP loan: June 30, 2020
      • Please take into consideration the amount of time it will take to complete and process the application. 
      • There is also a limited amount of funds available under the CARES Act for PPP loans. 
  • Small Business Debt Relief Progam - Provides payment relief for up to 6 months of payments existing for 7A and 504 loans. More to come on this program. 

MN DEED Programs: 

  • Small Business Emergency Loans:
    • Application and process is through SMIF (Southern Minnesota Intiative Foundation)
    • Loans range from $2,500 - $35,000
    • Applies only to Minnesota businesses. 
    • Not available to non-profits.
    • Potentially interest-free and paid back over 5 years. 

Additional Resources: 

  • Abdo, Eick, and Meyers LLP has created some very helpful flowcharts to help businesses determine when & how to pay employees under the new paid leave programs in the Families First Coronacirus Response Act (FFRA).

 

We will continue to update this page as more information becomes available. 



4.1.2020 Update: 

Coronavirus Aid, Relief, and Economic Security Act (“CARES”) - Paycheck Protection Program

Details for Paycheck Protection Program can be found here
The Paycheck Protection Program (PPP) application for borrowers can be found here and sent to your banker when completed.
 
While the official document requirements are being finalized, it has been recommended to have the following documents ready:
  • Articles of incorporation/organization
  • By-laws/operating agreement
  • Copies of payroll tax reports filed with the IRS (including Forms 941, 944, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available)
  • Copies of payroll reports for each pay period for the preceding 12 months.Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO).This includes payroll reports through the pay period preceding the origination of the SBA loan
  • Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination
  • Documentation of all retirement plan funding by the employer for the immediately preceding 12 months.
  • A detailed profit and loss statement for the year ended 2019 and YTD 2020

 

Small Business Emergency Loan (through DEED) 

  • Additional program details can be found here.
  • If you need immediate funding up to $10,000 you can apply directly through the Southern Minnesota Initiative Foundation. Details can be found here: Southern Minnesota Initiative Foundation
  • Offered through the Minnesota Department of Employment and Economic Development (DEED)
  • These loans are intended to be a bridge loan while a business applies for the federal programs above.
  • They are interest-free and partial forgiveness is available. 

 

Economic Injury Disaster Loans (through SBA)

We have noticed that the SBA is updating their application platform frequently so you may notice formatting changes if you complete your application in multiple sessions.

We will continue to update this page as information becomes available.