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SBA PAYCHECK PROTECTION PROGRAM APPLICATION

PPP Loans

Heritage Bank is now accepting applications for the new round of the SBA Paycheck Protection Program (PPP). These are forgivable loans to cover payroll costs and other operating expenses for small businesses that retain employees.

APPLY ONLINE

Streamlined online application

1-ON-1 SERVICE

Provided by Heritage Bank N.A.

LOAN FORGIVENESS

On qualified business expenses

PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS

First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

+ Who can apply?

Sole proprietors, independent contractors, and self-employed persons
Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500

+ Loan forgiveness terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if all of the following criteria are met during the 8 to 24-week covered period following loan disbursement:

- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses
- At least 60 percent of the proceeds are spent on payroll costs

PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

+ Who can apply?

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
Has no more than 300 employees; and
Can demonstrate at least a 25% reduction in gross receipts (revenue) between comparable quarters in 2019 and 2020.

+ Loan forgiveness terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if all of the following criteria are met during the 8 to 24-week covered period following loan disbursement:

Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
The loan proceeds are spent on payroll costs and other eligible expenses
At least 60 percent of the proceeds are spent on payroll costs

+ Maximum loan amount and increased assistance for accommodation & services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector, the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Heritage Bank has approved $100,000,000 in PPP funding for business owners just like you. We are ready to help, get started below.

Online PPP Application

100% Forgivable Loan
Dedicated Support · Approved SBA Lender
We will guide you through the application process!

Call PPP Support: 1-800-344-7048
(Mon-Fri, 7am-7pm – Sat, 8am-12pm CT)
No Question Is Too Small, We’re Here To Help!

PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS

+ Who can apply?

Sole proprietors, independent contractors, and self-employed persons
Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500

+ Loan forgiveness terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if all of the following criteria are met during the 8 to 24-week covered period following loan disbursement:

- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses
- At least 60 percent of the proceeds are spent on payroll costs

PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS

+ Who can apply?

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
Has no more than 300 employees; and
Can demonstrate at least a 25% reduction in gross receipts (revenue) between comparable quarters in 2019 and 2020.

+ Loan forgiveness terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if all of the following criteria are met during the 8 to 24-week covered period following loan disbursement:

Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
The loan proceeds are spent on payroll costs and other eligible expenses
At least 60 percent of the proceeds are spent on payroll costs

+ Maximum loan amount and increased assistance for accommodation & services businesses

For more information on this program, visit these sites:
Small Business Administration https://www.sba.gov
US Treasury CARES Act https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

How To Apply Online For PPP Funds.

Step 1

Enter your Name, Number and Business Name.

Click the “Get Started” button to continue to create your online PPP loan application. Go to Step 1

Step 2

On the next screen, create your free account.

Enter email and make a password. You’ll use this information to login to your PPP loan application portal in the future.

Step 2

Select the "SBA Loan" application.

Once signed-up, you’ll be directed to our welcome page. Click “SBA Loan” at the bottom to continue to the application.

*We’ll also send you a welcome email from SBATeam@heritagebankna.com. This contains your PPP application portal info.

Step 3

Pick between 1st or 2nd draw application.

If haven’t received a PPP loan in the past, select the 1st draw option. If you were funded in the past, select the 2nd draw option.

Step 4

Begin your online PPP loan application!

Our digital application process makes it easy to submit the information & documents we need to process your loan.

You’ll get a dedicated PPP loan specialists who will contact you shortly after Sign-up. You may also contact them directly within the PPP loan portal by clicking “Contact Your Loan Officer”.

ABOUT US

At Heritage Bank, we’re not all “About Us.” We’re about you… our customers, our communities, and our employees.

Heritage Bank’s mission is to help people succeed financially. Specifically, that means:

Helping our customers meet their goals and achieve their dreams
Supporting our communities and helping them thrive
Providing a gainful and enjoyable workplace for our employee owners
Providing a sound and profitable return for our investors.

Through our Employee Stock Ownership Plan (ESOP), Heritage Bank is able to reinvest in the employees and support the local communities we serve.

Our products and technology have evolved along with the markets we serve as we have grown steadily over the generations. Yet, we maintain the traditional values from our roots as a Midwestern community-focused bank… it’s our heritage.”

OUR HOLDING COMPANY

Heritage Bancshares Group is a bank holding company with operations in Minnesota, Iowa, and South Dakota. We offer full service banking, insurance, investments, and online mortgage processing from locations in west central Minnesota, northwest Iowa, and eastern South Dakota.

As a closely-held, community financial organization, we exist to serve the needs of our customers, communities, employees, and investors. We are committed to the ideal of traditional community banking and have earned a reputation for exceeding expectations based on a consistent record of growth, performance, and trust.