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Spirit Lake • Terril

The State Bank

1902 Hill Ave • Spirit Lake, IA 51360 • 712.336.2455
101 N State Street • Terril, IA 51364 • 712.853.6200

Mortgage Loans

  • Apply for a mortgage anytime and anywhere.
  • Save your application to complete at a later time.

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Small Business Customers
Visit our Paycheck Protection Program page for more information on the recent changes to the PPP program.

Paycheck Protection Program

On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021 which provides an additional $900 billion in new COVID relief funds, including, among other things, additional funding of $284 billion under the Paycheck Protection Program (PPP) and the establishment of PPP Second Draw Loans.

This new legislation made changes to the existing PPP program as well as established a new PPP Second Draw Loan for certain eligible businesses. Below are some key points regarding the new program. Please feel free to contact us with any questions.

PPP Second Draw Loans

  • Eligibility
    • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
    • Fewer than 300 employees
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
    • Stock not traded on a national exchange
  • Loan Features
    • Maximum Loan Amount: 2.5x average monthly payroll or $2 million, whichever is less. Businesses in the restaurant and hospitality industries are eligible for 3.5x average monthly payroll.
    • Interest Rate: 1%
    • Loan Term: 5 years

PPP Program Updates

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount

Additional Resources:

Please contact us if you would like more information or to discuss this program further.

Member FDIC Equal Housing Lender