Latest "COVID-19" Posts

June 22, 2020 – We have recently received the following updates for borrowers regarding the PPP Forgiveness Application: The Treasury reduced the requirement for payroll expenses from 75% to 60%. They are offering a 24 week covered period to maximize your loan forgiveness. Loans made prior to June 5th may elect to use the 8 […]

June 10, 2020 – Last week changes to the Paycheck Protection Program were finalized.  Good News: many (but not all) concerns of our small business customers were addressed. Our friends at Pioneer Bank in Mankato, Minnesota, recorded an excellent video on the updates. They are graciously allowing us to share this video with you.  Please […]

June 5, 2020 – We want to thank all our customers for your patience and understanding throughout the last few months. Though our lobbies were closed, we are grateful to have continued serving your financial needs in various ways. We are excited to announce that Cresco Bank will be reopening on June 8th and Decorah […]

May 29, 2020 – The Coronavirus Food Assistance Program’s (CFAP) direct payments have widespread application for producers.  Most row crops and specialty crops qualify, as do dairy and most classes of livestock. Visit https://www.farmers.gov/cfap for a summary of the features, a payment calculator, and requirements for this program.  Signup began on May 26, so be […]

May 29, 2020 – We have received questions about individuals receiving their Economic Impact Payment (EIP) in the form of a prepaid debit card, questioning its legitimacy. The IRS has announced that nearly 4 million people are being sent their EIP in this way, instead of a paper check. The payment will be on a […]

May 11, 2020 – The IRS has released guidelines on how to return an Economic Impact Payment (EIP). If your deceased loved one received a payment, follow these steps to return the EIP. If the payment was a paper check: Write “Void” in the endorsement section on the back of the check. Mail the voided […]

 April 30, 2020 – It is the seventh week since we initially closed our bank lobby. This week has been busy with the second wave of Paycheck Protection Program loans. We have been able to approve loans for 84 additional small businesses, making a total of almost 290 area small businesses receiving this loan since […]

April 23, 2020 – Today, the government approved a $484 billion relief package, with $310 billion of that being for the Paycheck Protection Program (PPP). The PPP is aimed at helping small businesses who have been severely impacted by the coronavirus to maintain their workforce. Qualified businesses can apply for this forgivable loan of up […]

April 23, 2020 – As part of the $2.2 trillion stimulus package the CARES Act, the federal government is sending Economic Impact Payments (stimulus checks) to millions of Americans. These payments have brought up a variety of questions. Many of these questions will be answered below. If you have other questions, please reach out. We […]

 April 16, 2020 – The bank has been busy and taking many precautions during this unprecedented time. Some updates are: 1/3 of our staff is now working from home and those remaining have spread throughout the bank. With historic low-interest rates, our mortgage department has been incredibly busy. Last month alone they closed 55 […]