Paycheck Protection Program

We're the PPP People!

We are now accepting applications for the Second Draw of the SBA's Paycheck Protection Program!
If you have not yet applied for First Draw funding, we can help with that too!

Loan Details:

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

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 (use codes that begin with NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Who may Qualify:

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and 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 receipts between comparable quarters in 2019 and 2020

Source: www.sba.gov

To Apply:

Contact your Business Lender or call our Main Branch at (320) 634-5111 or (320) 763-0200
Complete the Paycheck Protection Program Application >>
Have the following documents ready:
- Detailed payroll reports for 2020, with summary
- Proof of 25% reduction in gross receipts
- Other documentation may be needed
If you are not currently a GSB customer, or received your First Draw loan from another institution, we will also need:
- 12-month Trailing Profit & Loss
- IRS Form 941 for 2020 and/or 2019
- IRS Form 940 for 2020 and/or 2019
- Articles of Incorporation
- Bylaws and Operating Agreements
- Driver's License
- Other documentation may be needed