SBA PAYCHECK PROTECTION PROGRAM
PPP LOANS
FIRST AND SECOND DRAW

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.

First Draw Loan Application and Directions

January 2021 Update Second Draw Loans

Congress passed a Second Draw PPP loans for entities affected by Coronavirus, eligible borrowers are:

  •  Entities with fewer than 300 employees

  • Must have a reduction in quarterly revenues of at least 25% compared to the same quarter in 2019

  • Stock not traded on a national exchange

  • 501(c)(6) are eligible, but any entity for which lobbying comprises more than 15% of receipts or activities is not eligible

Maximum loan. 2.5 times average monthly payroll or $2 million, whichever is less.  Businesses in the restaurant and hospitality industries are eligible for loans for 3.5 times average monthly payroll.

Eligible expenses. The bill expands to include PPE expense, costs associated with outdoor dining, and supplier costs, but payroll expenses must still comprise no less than 60 percent of eligible expenses.

Second Draw Application and Directions

 

 

LOAN DETAILS AND FORGIVENESS

PPP Forgiveness Application 3508S Form (Loans $150,000 and under)

PPP Forgiveness Application 3508 EZ Form

PPP Forgiveness Application  3508 (revised 1.19.21)

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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

 

952-403-6400
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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