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First National Bank of Waseca
Business owner in his commercial kitchen

PPP (Paycheck Protection Program) Information

PPP Second Draw Loan Requirements & Eligibility:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
  • You can apply for your Second Draw with us even if you didn’t do your first PPP Loan here

PPP First Draw Loan Requirements & Eligibility:

  • Eligible small entities that have 500 or fewer employees — including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors
  • Did not receive a PPP loan in 2020
  • You are not required to show reduction in revenue for First Draw loans
  • Farmers qualify based on Gross Income rather than net income, allowing more to be eligible for this round

Full Forgiveness Terms:

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if 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 initial round of the Paycheck Protection Program
  • The loan proceeds are spent on payroll costs and other eligible expenses
  • At least 60 percent of the proceeds are spent on payroll costs