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COVID-19 Relief

Paycheck Protection Program

♦♦ UPDATES ♦♦
June 5, 2020
The final date to obtain a PPP loan is June 30, 2020.

On June 5, President Donald Trump signed legislation to address restrictions on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

While further guidance and clarification from the SBA and Treasury is likely, here is a summary of the provisions that appear in the Paycheck Protection Program Flexibility Act.

Specifically, the law:

  • Extends the covered period during which the loan may be used for forgivable expenses from eight weeks following disbursement of the loan to 24 weeks from loan disbursementor Dec. 31, 2020, whichever is earlier. Borrowers who received loans before June 5 may elect to continue using the eight-week covered period.
  • Lowers the amount that must be spent on payroll costs from 75 percent to 60 percent. SBA and Treasury issued a statement that the new 60 percent threshold is not a cliff, meaning that if a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
  • Extends the period in which employers may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable amount of a PPP loan to Dec. 31, 2020. However, the forgivable amount will be determined without regard to a reduction in the number of employees (compared to Feb. 15, 2020) if the recipient is (1) unable to rehire former employees and is unable to hire similarly qualified employees by Dec. 31, or (2) unable by Dec. 31 to return to the same level of business activity that existed before Feb. 15, 2020, due to compliance with federal requirements or guidance related to COVID-19.
  • Replaces the six-month deferral of payments due under PPP loans with deferral until the date SBA pays the lender the amount of loan forgiveness. If a borrower fails to apply for loan forgiveness within 10 months after the last day of the covered period for forgiveness, the borrower must begin to make payments of principal, interest, and fees on its PPP loan.
  • Establishes a minimum maturity of five years for new PPP loans as opposed to the current two-year maturity date. The five-year maturity takes effect on the date of enactment and will apply to any PPP loan made on or after June 5. Lenders and borrowers, however, may mutually agree to modify the maturity terms of prior-disbursed PPP loans.
  • Eliminates a provision that makes PPP loan recipients who have PPP debt forgiven ineligible to defer payroll tax payments.

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.