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Paycheck Protection Program Loans

Home Loans Paycheck Protection Program Loans

At Iowa State Bank we know that small businesses are the heartbeat of local economies.

We're committed to helping small businesses navigate COVID-19 loan relief options. Payroll protection is a vital part of helping businesses find relief.


Update 1/14/2021

The Paycheck Protection Program is back!

PPP loans are forgivable loans made to eligible businesses to allow them to maintain their staff during the COVID-19 pandemic. 
The new Economic Aid Act has made these loans available to new and existing borrowers.

How much can you borrow?
Borrowers can apply for 2.5 times their average monthly payroll costs. Different calculations are available for Schedule C and F borrowers.

What can you spend the money on?
The program includes a variety of eligible expenses, but the primary expense is payroll. You must utilize at least 60% of the loan on payroll costs to qualify for full forgiveness. Other eligible expenses include mortgage interest, rent, utilities, worker protection costs, uninsured property damages, and certain supplier and operating costs. 

I already had a PPP loan can I take a second loan?
SBA has now made second draw PPP loans available to eligible borrowers. To be eligible you must be able to show a 25% revenue decline comparing the second, third, or fourth quarter of 2019 to the same quarter in 2020. You also must be able to meet the new decreased size standard of under 300 employees.

First Draw Borrower Application                     Second Draw Borrower Application

 


For more information, please give your local Iowa State Bank office a call. 

HULL:  712-439-1025

IRETON:  712-278-2321

LE MARS:  712-541-6575

ORANGE CITY:  712-737-4818

PAULLINA:  712-949-3456

REMSEN:  712-786-1143

SANBORN:  712-930-7100

SHELDON:  712-324-8370

 

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