News Blog

March 31, 2021

We are happy to share that Congress has extended the PPP program to May 31st, 2021 to help provide further relief to small businesses.  There have been many updates to this program since March 2020 including:

Owners Draws:  If you are using Gross or Net Income to calculate Loan Amount, you must write out a check to cover the owner’s draw as this is the only way to verify you used loan proceeds on payroll.  Failure to write this check may affect your eligibility for forgiveness. 

Schedule C Filers:  If you are a sole proprietor, independent contractor, or self-employed individual, you are now eligible to use gross income (Form 1040 – Sch C – Line 7) in calculating your loan amount.  Be sure to fill in the application specifically for Schedule C Filers.  Your application will not be accepted if you do not use the correct application.  For further information for Schedule C Filers, please visit our webpage at:

Schedule F Filers:  If you are a Farmer or Rancher and file a Schedule F you are also eligible to use gross income (Form 1040 – Sch C – Line 9) in calculating your loan amount.  Schedule F filers will either use “First Draw Borrower Application Form” or “Second Draw Borrower Application Form” found on our website at:

Second Draw Eligibility:  If you have received a First Draw PPP Loan any time before March 25th, 2021, you may be eligible to apply for a Second Draw PPP Loan.  In order to qualify for a Second Draw PPP Loan you must be able to show a 25% reduction in Gross Sales in one quarter of 2020 compared to the same quarter in 2019.  You will be required to present signed financial statements or bank statements to document this reduction.

Forgiveness Applications:  You have eight to twenty four weeks to use PPP funds for eligible payroll costs.  If you are a sole proprietor, you must wait at least 11 weeks to receive full forgiveness.  At the end of your Covered Period, you will be required to submit an application for Forgiveness in order to have your loan forgiven.  For more information, please visit our website at:

Information:  For assistance on calculating loan amount for different types of borrowers, please reference either “Calculating PPP Loan Amount”, or the Excel file “PPP Loan Calculation Worksheet”.

To apply, please securely submit the required information to, using your business name in the subject line or drop-off documents at the Decorah Bank or Cresco Bank locations.  As always, we are here to help.  If you have any questions, please do not hesitate to reach out.

Calculating PPP Loan Amount | pdf

PPP Loan Calculation Worksheet | xlsx



Posted in COVID-19 by Decorah Bank on March 31, 2021.

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