Paycheck Protection Program

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Paycheck Protection Loans for Businesses:

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, which provides $284 billion to be used for first and second Paycheck Protection Program forgivable small business loans. The U.S. Small Business Administration (SBA) has issued the necessary rules for banks and borrowers to follow, and we are ready to begin taking applications.

To apply, please click on the appropriate application link below:

  1. Download and complete the application.
  2. If you currently work with a Loan Officer at United Bank & Trust, please contact them directly once you have completed the application.
  3. If you are not currently working with a Loan Officer, click here to submit your contact information, or call 641-753-5900 and a Loan Officer will return your call.

In addition to your application, you will be asked to provide documentation of your average monthly payroll and the number of full-time employee equivalents on February 15, 2020. The rules allow you to use either 2019 or 2020 to determine average monthly payroll depending on which is more favorable. The following documentation is commonly provided:

  • IRS Form W3;
  • IRS Form 941 and/or Iowa Quarterly Employees Contribution to Payroll Report for all of 2019 or 2020 (if completed);
  • Payroll information on other payroll costs (e.g., retirement, insurance, severance) which are typically obtained from a Payroll Service or accountant; and
  • A Payroll statement or similar document from the pay period that covered February 15, 2020, to establish you were in operation on that date.
  • NOTE: Borrowers who are self-employed or independent contractors should provide a 2019 or 2020 Tax Return with all schedules including Schedule SE.
  • Additional information may be necessary depending on the circumstances.

Additional Information on PPP Loans:

PPP First Draw Loans Overview
PPP Second Draw Loans Overview
PPP FAQ (updated 1/19/2021)
NAICS Code Search
SBA.gov - PPP Website

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