The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration (SBA) with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
If you would like further information about the Paycheck Protection Program, please contact your Lake Area Bank business banker.
New to Lake Area Bank? Please complete this form and a banker will contact you shortly.
For information on eligibility, application process, loan details and frequently asked questions, visit the Small Business Administration (SBA) or U.S. Treasury websites.
Contact any of our bank locations.
Forest Lake: 651-464-9001
White Bear Lake: 651-653-9619
Complete the form above and a banker will get in touch with you shortly.
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