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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 to 2.5 times monthly payroll. If you have not applied, we recommend that you begin your application immediately as these funds are expected to go quickly. To apply, submit your information in the application linked below. Decorah Bank and Trust is here to help you navigate through this process.

In addition to the Paycheck Protection Program loan, the U.S. Small Business Administration is also offering an Economic Injury Disaster Loan to small business owners. You can apply for this low-interest, federal disaster loan directly through the Small Business Administration. Below, we have listed the resources included in each of the programs as we know them right now.

Payment Protection Program Application

SBA Loan Program (PPP) Borrower Form

Loan Program Options:

Business loan options

Posted in COVID-19 by Decorah Bank on April 23, 2020.

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