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Coronavirus Financial Resources

Resources for Businesses and Individuals Impacted by the Coronavirus

During these uncertain times, the impacts to businesses and individuals due to Coronavirus or COVID-19 are prevalent. As a community bank, and your financial partner, we want to help provide you with the resources that are currently available. Continue to check back as we keep this page up-to-date with financial resources.

 
 

Paycheck Protection Loans for Businesses

Coronavirus Aid, Relief, and Economic Security (CARES) Act 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $349 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provided 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Click Here to view a summary of the Paycheck Protection Program.

 

Paycheck Protection Program:

On April 24, 2020, an additional $310 billion was added to the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide help for small businesses to keep workers employed amid the pandemic and economic downturn. This initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. 

Please contact the bank if you are interested in receiving more information on the Paycheck Protection Program.

 

Documentation:

To  begin the application process, contact an Iowa State Savings Bank Lender or complete the application. In addition to your application, you will be asked to provide documentation of your average monthly payroll and the number of employees (full time, part time, or other basis) on February 15, 2020. The following documentation is commonly provided for 2019:

  •  2019 Federal Tax Return 1040 (if completed);
  • IRS Form W3;
  • IRS Form 941 and/or Iowa Quarterly Employees Contribution to Payroll Report for all of 2019 and the first quarter of 2020 (if completed); and
  • Payroll information on other payroll costs (e.g., retirement, insurance, severance) which are typically obtained from a Payroll Service or accountant.
 
NOTE: Borrowers who are self-employed or independent contractors should provide a 2019 IRS Tax Return with all schedules including Schedule SE.
 
Additional information may be necessary depending on the circumstances, please review this SBA guidance
 
 

Additional Resources for Businesses