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PPP Loan Updates

Page last updated: 4/1/2021


PPP Loan Application Deadline Extension 

Applications will NOW be accepted until 6 pm CT on Monday, MAY 17, 2021

The U.S. Small Business Administration has informed us that the PPP program deadline has been extended.  If you have not already applied for a PPP First Draw or Second Draw loan, we invite you to apply by 6 pm Central on Monday, May 17.  This allows us to complete the processing of your application before the May 31 program shut-down.

Please note:

  • Applicants must provide all required supporting documentation required by the SBA and submit through our PPP Portal by 6 pm Central on May 17.
  • The May 17 deadline DOES NOT impact applications for loan forgiveness.  SBA has not established a deadline for submission of forgiveness applications.
  • Program rules and requirements can be found on the SBA website located at www.sba.gov
  • Our PPP portal will help guide you through eligibility and completion of the necessary forms.
  • PPP applications are limited to existing customers of MidWestOne Bank at this time.

To start your application, visit our PPP Portal at: sba.midwestone.com

On behalf of the entire MidWestOne team, thank you for choosing us to help with your financial needs.

 


We appreciate your interest in the SBA Paycheck Protection Program (PPP) through MidWestOne Bank.  From  January 25 through 6pm CT on March 22, 2021 we will re-open our online PPP loan application portal to process loans under the new, expanded Economic Aid Act.

MidWestOne Bank is active in both of the SBA PPP Programs:

  • First Draw loans are for first time applicants.  We are currently accepting new First Draw for existing business customers of MidWestOne Bank only. We are not accepting first draw loans for new customers.
  • Second Draw loans are for businesses that already received a First Draw Loan and can demonstrate a reduction in revenue during the COVID Pandemic.

 

Here’s what to expect:

If you are a current MidWestOne business customer that has not already received a PPP First Draw Loan, please contact your banker for specific assistance for the extended First Draw Program.

If you already received a PPP loan through MidWestOne, you will receive an email from us by Monday, January 25, 2021.  That email will give you specific information needed to enter your request into our PPP Portal.

If you already received a First Draw PPP loan through a different institution, we encourage you to contact that institution regarding your Second Draw application.  MidWestOne is not able to accept Second Draw requests from new customers at this time.

  1. Applications can only be processed through our online portal.  Please do not send applications by any other method.  The portal provides us with a direct means of communication with the SBA.  It will guide you through each question and help make your application accurate. It is the fastest, most efficient and sure way to reserve your PPP loan.
  2. Once transmitted to the SBA, the application will receive an answer in approximately 2-3 days.  That answer will be relayed to you via email.
  3. For assistance with the portal, contact your MidWestOne Banker.

 

Resources:

  1. For a quick overview of the Second Draw program: 
    https://www.sba.gov/sites/default/files/2021-01/Top-line%20Overview%20of%20Second%20Draw%20PPP%20%281.8.2021%29-508.pdf
  2. To prepare for your portal session, you can view the application that will be generated by the portal:
    https://www.sba.gov/sites/default/files/2021-01/PPP%20Second%20Draw%20Borrower%20Application%20Form%20%281.8.2021%29-508.pdf
  3. More detailed instructions on the data required and documents that must be submitted can be found at: 
    https://www.sba.gov/sites/default/files/2021-01/Second%20Draw%20PPP%20Loans%20--%20How%20to%20Calculate%20Revenue%20Reduction%20and%20Maximum%20Loan%20Amounts%20%281.19.2021%29-508.pdf