By now you’ve likely heard about PPP, the SBA’s Paycheck Protection Program. This potentially forgivable loan has helped small businesses keep their doors open, pay expenses, and retain employees.
The current round of PPP funding has been extended, allowing applications to be submitted before May 31, 2021. If you are a local business owner, independent contractor, or farmer, you may be eligible for this potentially forgivable loan. While the deadline has been extended, the remaining dollars available under the program continue to decrease, so contact us today to learn more or apply for funding. Best of all, it doesn’t matter where you bank – we’re here to help all eligible businesses and individuals in Steele County.
You will find four applications on our website. Please select the appropriate application from among the following options:
#1. If you are self-employed (including farmers), an independent contractor, or a sole proprietor (either with or without employees), file a Schedule C or Schedule F with your individual income tax return, and did not receive a PPP loan in 2020, then utilize the “Schedule C First Draw” application.
#2. If you are self-employed (including farmers), an independent contractor, or a sole proprietor (either with or without employees), file a Schedule C or Schedule F with your individual income tax return, and did receive a PPP loan in 2020, then utilize the “Schedule C Second Draw” application.
#3. If you operate a nonprofit entity or own a C-Corporation or S-Corporation business and did not receive a PPP loan in 2020, then utilize the “First Draw” application.
#4. If you operate a nonprofit entity or own a C-Corporation or S-Corporation business and did receive a PPP loan in 2020, then utilize the “Second Draw” application.
Please complete and return the appropriate application and all supporting documents to Steve Grams or Jeff Goergen using the Secure File Transfer portal on the bank’s website. If you have questions about which application is needed or what supporting documents are required, please call (507) 455-2265 and ask to speak to Steve or Jeff.
As Owatonna’s only locally owned community bank, we look forward to helping our local businesses secure the funding they so desperately need, which also helps protect jobs in our community.