Paycheck Protection Program


 

Applying for the Paycheck Protection Program
through Glenwood State Bank


We are still accepting applications for the SBA's Paycheck Protection Program, as additional funding is coming!
So far, we have been able to fund millions of dollars in loans through our institution and save thousands of jobs!

 

Glenwood State Bank
As of 8:43AM Wednesday, May 6, 2020

Jobs Retained: 3,595

 

 

Loan Information:

  • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 
  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

 

Who Can Apply:

  • This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.  
  • Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.  
  • Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

 

Loan Details and Forgiveness:

  • The loan may be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
  • Loan payments will also be deferred for six months.
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees. 
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  
  • Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. 
  • This loan has a maturity of 2 years and an interest rate of 1%.

 

Source: www.sba.gov

 


To Apply:

  • Contact your Business Lender or our Main Branch at (320) 634-5111
  • Have the following documents ready:
    • Quarterly IRS Form 941 for 2019
    • IRS Form 940 for 2019
    • Detailed payroll reports for 2019, with summary
    • Documentation that supports group health insurance costs
    • Documentation that supports retirement benefit costs
    • Documentation that supports state/local taxes paid
    • Other documentation may be needed