Iowa State Bank & Trust Co. is very proud of its participation in the SBA’s Payroll Protection Program (PPP). We continue to offer resources to local businesses in our community, as PPP reopens and our community strives to recover. We work tirelessly to support you through reliable PPP guidance, provided by our experienced lending staff. Our experts are here to help you throughout the entire PPP process.

PPP provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Click the link to learn more about PPP loan terms.

      As an approved SBA lender, Iowa State Bank & Trust is currently accepting:
      • First Draw PPP Loans for first-time applicants
      • Second Draw PPP Loans for certain businesses who have previously received a PPP loan

First Draw PPP Loans can be used to help fund payroll costs, including benefits. They may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier operations expenses.

Second Draw PPP Loans: The SBA now allows certain eligible borrowers who previously received a PPP loan to apply for a Second Draw PPP Loan, with the same general loan terms as their First Draw PPP Loan. 

PPP Forgiveness: A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can 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 Iowa State Bank & Trust. PPP Loan Forgiveness (sba.gov)

      • 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;
        • the loan proceeds are spent on payroll costs and other eligible expenses; and
        • at least 60 percent of the proceeds are spent on payroll costs.
      • Second 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 First Draw PPP loan;
        • the loan proceeds are spent on payroll costs and other eligible expenses; and
        • at least 60 percent of the proceeds are spent on payroll costs.

We’re here to help you! If you would like to discuss or submit an application, please call the bank to speak with one of our commercial lenders: 641-472-3161.

We will review all applications and supporting documentation, then forward them to the SBA for review. After the SBA provides its guaranty, we will provide notice to you and prepare for your loan closing shortly thereafter.