Paycheck Protection Program

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Paycheck Protection Program:

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated over $600 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

Click here to complete the application for the Paycheck Protection Program
Click here to view the Paycheck Protection Program Summary
Click here to view the Paycheck Protection Program Information Sheet
Click here to view How to Calculate Maximum Loan Amounts - By Business Type
Click here to view the Paycheck Protection Program Frequently Asked Questions

Is your Business Eligible?

You are eligible if you are:

  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA's size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

In addition, some special rules may make you eligible:

  • If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
  • If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply

Application Process:

  • Download and complete the application here.
  • If you currently work with a Loan Officer at United Bank & Trust, please contact them directly once you have completed the application.
  • 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 completed 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 following documentation is commonly provided for 2019:

  • IRS Form W3
  • IRS Form 941 and/or Iowa Quarterly Employees Contribution to Payroll Report for all of 2019 and the first quarter of 2020 (if completed)
  • Payroll information on other payroll costs (ex. retirement, insurance, severance) which are typically obtained from a Payroll Service or accountant
  • Self-Employed borrowers or independent contractors should provide a 2019 Tax Return with all schedules, including Schedule SE
  • Additional information may be necessary, depending on circumstances.
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