SBA Paycheck Protection Program
Iowa State Bank is prepared to meet the financial needs of our customers during the challenging times ahead.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the COVID-19 pandemic and economic downturn. The SBA Paycheck Protection Program, provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. As a SBA Lender, we are offering the Paycheck Protection Program for our customers.
On December 27, 2020, the President signed legislation that provides additional funding for the Paycheck Protection Program. Iowa State Bank will continue our participation in this program under the new legislation to provide ongoing support to our communities. The bill makes many substantial changes to the Paycheck Protection Program, including access to second loans for some businesses. We have received initial guidance from the Small Business Administration for the re-funded program and we expect to begin accepting applications on January 15th.
PPP Loan Applications
If you have any questions please reach out to your Iowa State Bank lender for assistance.
Second Draw Forms
First Draw Forms
The SBA is now accepting PPP loan forgiveness applications. Please work directly with your Iowa State Bank lender to process your forgiveness application.