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January 11, 2021 – The Economic Aid Act was signed into law on December 27th, 2020. Part of this act is the Paycheck Protection Program (PPP) Second Draw Program aimed at helping small businesses impacted by COVID-19. Providing $284 billion in new lending capacity, the program is set up to support our local businesses who have been negatively affected by the pandemic. Decorah and Cresco Bank are ready to help our customers get the help they need. SBA and Treasury officials have issued assurance that “there are sufficient funds to meet expected demand.”

Please read through the “PPP Round Two – Letter and FAQ’s” and “2nd Draw Application Form” documents below to better understand the requirements for eligibility. The portal to submit applications to SBA is not yet available, but borrowers are encouraged to complete the application process for lender review. Once your application is complete please securely submit to sba@decorahbank.com or drop it off at either Decorah or Cresco Bank.

PPP Round Two – Letter and FAQs [pdf]

1st Draw Application Form [pdf]

2nd Draw Application Form [pdf]

IFR for First Draw PPP Loans [pdf]

IFR for Second Draw PPP Loans [pdf]

PPP Second Draw Loan Analysis [xlsx]

 

 

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