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.
- President Biden recently announced program changes that make access to PPP loans more equitable.
- General funding for PPP has been fully committed, but new, eligible applicants may still be funded through Community Financial Institutions (CFIs). The PPP program will end when these CFI funds are fully committed or on May 31, whichever comes first. Find an eligible lender participating in PPP.
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.
State of Minnesota Resources
Helpful resources for businesses located in Minnesota.
- Guide for Businesses Who Need Help from the Department of MN Economic Development & Employment
- MN Chamber COVID-19 Business Toolkit
- Businesses located in the City of Winona, MN - Port Authority of Winona Emergency Loan Fund 2020
- Minnesota Chamber Return To Work Employer Checklist
- Grant Application Tips for Rochester and Olmsted County
- Rochester and Olmsted County Grants and Assistance Programs
State of Wisconsin Resources
Helpful resources for businesses located in Wisconsin.