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Paycheck Protection Program

Paycheck Protection Program (PPP)

As a community bank, we understand the uncertain economic conditions small businesses have been faced with this past year.  We have a team of Commercial Lenders available to walk you through the PPP Loan process.

Note:  The application deadline for the PPP Loans has been extended from 03/31/2021 to 05/31/2021.

First Time Borrowers
The PPP First Draw loan is a private loan which are fully backed by the SBA, designed to provide a direct incentive for small businesses to keep their workers on the payroll.

Second Time Borrowers
The PPP Second Draw loan is a new coronavirus assistance loan available through the PPP loan program. Small businesses that have already taken out a PPP loan and used up the funds would be able to apply for another loan through this program.

The U.S. Department of The Treasury and U.S. Small Business Administration website provides detailed information that will assist you in determining if you qualify and what step's you need to take.

Borrowers May Be Eligible For PPP Loan Forgiveness 
The PPP Loan forgiveness terms and applications are listed below.  You may also contact a Commercial Lender to assist you with any questions you may have.

We thank you for choosing Lake Elmo Bank and look forward to continuing our banking relationship.