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.
CALL US
Contact any of our bank locations.
Forest Lake: 651-464-9001
Hugo: 651-407-3137
Lindstrom: 651-257-1117
Stillwater: 651-430-9500
White Bear Lake: 651-653-9619
EMAIL US
Complete the form above and a banker will get in touch with you shortly.

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