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Currently Taking Loan Applications for the Paycheck Protection Program (PPP)

SBA, in consultation with the U.S. Treasury Department, recently reopened the Paycheck Protection Program (PPP). This program provides loans to help businesses keep their workforce employed during the pandemic. PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA is currently offering:

First Draw PPP Loans for eligible first time program participants
Second Draw PPP Loans for certain businesses who have previously received a PPP loan

You can apply for a PPP Loan until March 31, 2021. More information about these these loans is below.

If you would like to apply for a PPP loan, or learn more about the Paycheck Protection Program, please complete this form and a banker will contact you shortly.

Thank you for trusting Lake Area Bank. We are here for you and ready to assist you during these challenging times.

FIRST DRAW PPP:

Sole proprietors, independent contractors, and self-employed persons are eligible for consideration. Small businesses and eligible nonprofit organizations, veterans organizations, and tribal businesses described in the Small Business Act, may be eligible if they also meet program size standard.

First Draw Paycheck Protection Program loans have an interest rate of 1%. Loans issued prior to 06/05/20 have a maturity of two years, and loans issued after 06/05/20 have a maturity of five years.

For additional information on First Draw PPP eligibility and loan details, complete the form above and a Lake Area Banker will contact you shortly. You may also visit the SBA website for further details.

SECOND DRAW PPP:

A borrower is generally eligible for a Second Draw PPP Loan if the borrower previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; has no more than 300 employees; and can demonstrate at least a 25% reduction in gross revenue between comparable quarters in 2019 and 2020

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the accommodation and food services sector, the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

For additional information on Second Draw PPP eligibility and loan details, complete the form above and a Lake Area Banker will contact you shortly. You may also visit the SBA website for further details.