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COVID-19 Relief

Paycheck Protection Program

♦♦ UPDATES ♦♦

May 18, 2020
Funding is still available.  The Small Business Administration (SBA) and Treasury Department released the Paycheck Protection Program Loan Forgiveness Application and instructions.  The application form and instructions inform borrowers to apply for forgiveness of their PPP loans, consistent with the CARES Act.  The form and instructions include:
  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan.
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
  • The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.
Minster Bank continues to wait on regulations and guidance to assist borrowers in completing their applications.  

April 27, 2020
Additional funding is available and taking PPP applications will resume.  Our priority is to process applications for our existing clients. If you currently have a business deposit and/or loan account at Minster Bank, we are able to accept your application at this time.  Due to the high demand for this program we can assist others on a case by case basis. 

April 21, 2020
The Senate passes legislation that includes an additional $310 billion to restart the Paycheck Protection Program, $60 billion will be set aside for community banks, like Minster Bank.  Next steps to begin taking applications, include:
Visit this page for updates for when additional funding is available.

April 16, 2020
The Small Business Administration is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. 

As an SBA lender, Minster Bank is working hard to assist our small business clients in the Paycheck Protection Program, launched April 3, 2020, by the U.S. Treasury Department and the Small Business Administration.  The SBA continues to provide all banks the guidance necessary to successfully deliver this program. With that said, we remain committed to assisting our clients as we always have: by providing the Minster Bank level of service you have come to expect.

Our priority is to process applications for our existing clients. If you currently have a business deposit and/or loan account at Minster Bank as of April 3, 2020, we are able to accept your application at this time.  Due to the high demand for this program we can assist others on a case by case basis. Please contact your Minster Bank commercial loan officer to discuss eligibility and to clarify any questions you may have.

More information from the Treasury Department is available here. Please also review the guidance, including further details and terms, from the Small Business Administration in order to determine if a PPP loan or one of the other relief options may be right for you and your business.  Additional service options and information will be posted to Minster Bank's Coronavirus page.  

Your lender can provide information regarding application submission and required supporting documentation. The SBA website (sba.gov) is also an excellent source of additional guidance for impacted small businesses and offers information on this program and others being offered directly related to COVID-19.

As always, Minster Bank remains committed to your success, and we are with you during this uncertain time as we navigate Coronavirus together. 


The Coronavirus Aid, Relief, and Economic Security (CARES) Act has been approved allocating $349 billion to help small businesses keep workers employed during the Coronavirus (COVID-19) crisis.  Known as the Paycheck Protection Program (PPP), this program provides businesses with funds to pay up to 8 weeks of payroll costs including benefits.  Funds can also be used to pay interest on mortgages, rent, and utilities.

Loan payments will be deferred for six months and the loan may be fully forgiven if borrowers maintain payrolls during the crisis and the funds are used as intended.  At least 75% of the forgiven amount must be used for payroll and the forgiveness amount will be reduced if full-time headcount declines, or if salaries and wages decrease.  This loan has a maturity of up to 2 years and an interest rate of 1.0%.

This program is for any small business with less than 500 employees and in operation as of Feb. 15, 2020 – including nonprofits, veteran organizations, tribal concerns, self-employed individuals, sole  proprietorships, and independent contractors. 


 For government resources, visit the Small Business Administration website at https://www.sba.gov/ or the US Treasury website at https://home.treasury.gov/cares.