IMPORTANT ALERT: May 4, 2021 - SBA Announces PPP 2 Funds Exhausted
The SBA announced that the funds allocated to the Paycheck Protection Program (PPP) have been nearly exhausted
and has halted submission and approval of PPP loan applications from most financial institutions at this time.
The SBA reserved funding for applications submitted to the SBA but not yet approved due to unresolved hold codes.
There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans
made by designated minority depository institutions and community development financial institutions.
Minnesota Bank & Trust is currently not accepting or processing PPP 2 Loan Applications.
Visit our PPP Resource Center for updates on PPP 2 Loans and PPP 1 Loan Forgiveness.
Our Online PPP Forgiveness Portal is now open to accept
Forgiveness Applications for Round One PPP Loans.
PPP First Draw Loans
PPP Second Draw Loans
Latest Updates on the Paycheck Protection Program
SBA Announces PPP 2 Funds Exhausted
May 4, 2021 - On May 4, the SBA announced that the funds allocated to the Paycheck Protection Program (PPP) have been nearly exhausted and the SBA has halted submission and approval of PPP loan applications from most financial institutions at this time.
PPP Loan Application Deadline Extended to May 31, 2021
March 30, 2021 - The President signed the PPP Extension Act, which extended the deadline for businesses to submit First Draw or Second Draw PPP Loans to the SBA from March 31, 2021 to May 31, 2021. The legislation also gives the SBA until June 30, 2021 to review and process these PPP applications.
Resources for the Minnesota Bank & Trust PPP Loan Portal
Portal First Time Log In
Forgotten Portal Password
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Additional Resources for our Paycheck Protection Program customers
PPP Loan Forgiveness
Minnesota Bank & Trust customers can now register and apply for PPP Loan Forgiveness. Click for our PPP Forgiveness Resource Center
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To view the full FAQ sheet provided by the SBA, in consultation with the Department of the Treasury, click here.
More information can be found on the U.S. Chamber of Commerce Coronavirus Resources site with a Small Business Guide and Checklist.
IMPORTANT NOTICE: These FAQs are based on the provisions of the CARES Act as implemented and interpreted by the U.S. Small Business Administration (“SBA”) and the U.S. Treasury Department (“U.S. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. The eligibility of a PPP loan for forgiveness and the amount and timing of any forgiveness will be subject to and dependent on approval pursuant to the regulations, FAQs and guidance in effect at the time a request for forgiveness is processed and as a result, we cannot provide you any assurances regarding forgiveness of your loan until such approval is received and any review or audit by the SBA completed. The information provided herein is not intended to constitute legal advice.
AGENT FEE ACKNOWLEDGEMENT: At the time you submitted your PPP loan application with us, each borrower certified as follows:
You acknowledge that the bank provided the forms and necessary information to complete your Paycheck Protection Program Application. By filing an application with us, you further certify that no agent (attorney, accountant, consultant, etc.) was utilized in the completion of your application. You further acknowledge and agree that we will not process any application or close any loans if an agent seeking payment for services has been utilized and that you will inform any persons you have consulted with regarding your application of this requirement.
IMPORTANT NOTE WHEN CLICKING THROUGH TO EXTERNAL WEBSITES: When clicking on links within the video, you will be linking to another website not owned or operated by Minnesota Bank & Trust. Minnesota Bank & Trust is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Minnesota Bank & Trust. Click to go back to video.