General Updates

Update: 11/20/2020 - Email to our customers
Update: 9/2/2020 - SBA Paycheck Forgiveness Program applications
Update: 4/3/2020 - Paycheck Protection Program applications start
Update: 3/23/2020 - Email to our customers
                                 Alternate Ways to Bank Safely
Update: 3/17/2020 - Letter to our customers from our President and COO
 

SBA Paycheck Forgiveness Program

ProGrowth Bank is now accepting applications for SBA Paycheck Forgiveness Program loans.  We’re here to help you!  To ensure that each applicant gets personal attention, we will be personally contacting applicants to start the process. 
 
If you meet any of these 3 criteria you may file for forgiveness using the SBA Form 3508EZ following the 3508 EZ Instructions for Borrowers. 

• Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
• Did not reduce salary or wages for any employee by more than 25% and did not reduce the number or hours of your employees
• Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.

If you did not meet these requirement, you must use the SBA Form 3508 following the 3508 Instructions for Borrowers. 
 
It’s important that you review the application as well as the instructions for completing each type of application.  As well, please pay close attention to the section “Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application”.  This information applies to all PPP Forgiveness Applications unless you are self-employed, an independent contractor or a sole proprietor with no employees (Schedule C) filer. 
 
Should you need to contact us sooner:

• Gaylord Branch Applicants:  Sue Keithahn will work with you to prepare your forgiveness application and she can be reached at sue@progrowth.com or 507.299.0922. 
• Mankato and Nicollet Branch Applicants:  Josh Molstad will work with you to prepare your forgiveness applicant and he can be reached at jrmoldstad@progrowth.com or 507.344.4333. 

We ask that you contact Sue or Josh before submitting any documentation.  We will send you a secure email portal to ensure your privacy should you want to submit your documentation electronically.
 

Paycheck Protection Program

The Paycheck Protection Program (PPP), which was established in the CARES Act, provides small businesses (up to 500 employees) with forgivable loans to pay their employees during the COVID-19 crisis. The portion of the loan that is used for covered payroll costs, interest on their mortgage, rent, and utilities would be forgiven if the business maintains their employee and compensation levels.

ProGrowth Bank is an SBA approved bank. We started accepting applications for this program Friday, April 3.

PPP Borrower Information Fact Sheet
PPP Overview
Fill out an Application
Visit the Paycheck Protection Program on the SBA website for more details.
  

COVID-19 Economic Injury Disaster Loan

Apply for a COVID-19 Economic Injury Disaster Loan

 

State and Local Links

The following links feature valuable COVID-19 information and resources in your area:
 

• Center for Disease Control - Coronavirus Resource Page: https://www.cdc.gov/coronavirus/2019-nCoV/index.html
• Greater Mankato Growth: https://greatermankato.com/covid-19-info-resources
• Mankato Clinic: www.mankatoclinic.com/covid-19-information
• Mayo Clinic Health System: https://www.mayoclinichealthsystem.org/covid19
• Minnesota Chamber of Commerce: https://www.mnchamber.com/blog/covid-19-business-toolkit
• Minnesota Attorney General's Office: Protect yourself from COVID-19 scams, report price-gouging
• Minnesota Department of Employment and Economic Development: https://mn.gov/deed/newscenter/covid/
• Minnesota Department of Health: https://www.health.state.mn.us/diseases/coronavirus/index.html