SBA PAYCHECK PROTECTION PROGRAM
PPP LOANS

The SBA PPP Loan is a loan designed to provide a direct incentive for small business 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.

The following entities affected by Coronavirus (CONVID-19) may be eligible:

  • Any small business concern that meets SBA's standards

  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec.31(b)(2)(C) of the Small Business Act)

  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

  • Sole Proprietors, independent contractors, and self-employed persons.

LOAN DETAILS AND FORGIVENESS

The loan will 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%.

PPP Borrower Application Form

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NMLS #919381

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CONTACT

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BRANCHES
SHAKOPEE

1305 Vierling Drive East
Shakopee, MN 55379

 

952-403-6400
EAGAN

1595 Thomas Center Drive
Eagan, MN 55122

 

651-332-7600
KARLSTAD

201 Main Street/PO Box 219
Karlstad, MN 56732

 

218-436-2151
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In accordance with the Secure and Fair Enforcement of the Mortgage Licensing Act of 2008, the names and corresponding unique identifying numbers of the bank’s mortgage loan officers are available upon request. Please contact Jay Larsen at (952) 403-6410 or by mail to Prime Security Bank, 1305 Vierling Drive, Shakopee, MN  55379 or by email to jlarsen@primesecurity.com.

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