Personal Resources  General Resources/Scam Tips


As a community bank, we understand and value the important role businesses play in our communities. We believe it’s our responsibility to be a trusted advisor for our business clients that are experiencing hardship due to the coronavirus pandemic and help them return to business as usual in the future.

Use this page to learn more about the financial resources and programs that may be available to your business. Merchants Bank is a designated SBA Preferred Lender, which positions us to fast track assistance to you through SBA programs as guidance is published. If you have any questions about the information provided, or just need to talk about your individual situation, please contact your local Commercial Banker.

Paycheck Protection Program (PPP) Overview

  • The Paycheck Protection Program (PPP) is a Small Business Administration (SBA)-backed loan that helps businesses keep their workforce employed during COVID-19 and the crisis recovery period.
  • SBA is currently accepting applications through May 31, 2021.
  • President Biden recently announced program changes that make access to PPP loans more equitable. 

First Draw PPP Loans

  • If you have not received a PPP loan before, First Draw loans may be available to you.
  • Additional resources are available on the SBA website.

Second Draw PPP Loans

  • If you have previously received a PPP loan, certain businesses may be eligible for a Second Draw PPP loan.
  • Additional resources are available on the SBA website.

PPP Loan Forgiveness

  • A borrower may apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers may apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
  • Forgiveness Terms:
    • Employee and compensation levels are maintained
    • The loan proceeds are spent on payroll costs and other eligible expenses; and
    • At least 60% of the proceeds are spent on payroll costs
  • Additional resources are available here.
To apply for a First Draw or Second Draw PPP loan, or inquire about PPP loan forgiveness, contact your Commercial Banker.

State of Minnesota Resources

Helpful resources for businesses located in Minnesota.

State of Wisconsin Resources

Helpful resources for businesses located in Wisconsin.