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SBA Paycheck Protection Program

Update on April 24th, 2020

A second round of funding has been approved for the SBA’s Paycheck Protection Program and we expect the SBA to begin taking applications.

If you have not yet applied, we are taking and processing applications. Please see the “How to Apply” section of this page below to get started.

If you have already completed a PPP application, please know that we are processing your application and are working on submitting it to the SBA for approval and if any additional documents or information is needed, we will contact you.

Please be patient with us as we update applicants on the status of their submission. Also know that once approved, funds can take up to 10 days to be deposited.

At this time, we do not anticipate a third round of PPP funds to be approved, but we will continue to update this page with the latest information.

We understand how important these SBA funds are to your business and we appreciate you placing your trust in Algonquin State Bank.

We Are Here To Help You Secure Critical Funds

The Coronavirus Aid, Relief and Economic Security (CARES) Act allocated funds to help small businesses amid the pandemic and economic downturn. The Paycheck Protection Program (PPP) is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The United States Treasury Department has issued much-anticipated guidance for the Paycheck Protection Program.

SBA PPP Funds are to be provided in the form of loans that will be fully forgiven when used for payroll costs, mortgage interest, rent, utilities. No collateral or personal guarantees are required. Neither the government nor lenders will charge any fees.

Algonquin State Bank is a U.S. Small Business Administration (SBA) approved lender with the experience needed to help guide you through the SBA's Payroll Protection Program application process.

Eligibility

Small businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Businesses in certain industries may have more than 500 employees.

For more information, please click here.

How To Apply

Download the complete form package or individual forms by clicking the links below. Completed forms can be dropped off at any Algonquin State Bank branch drive-up. Or, please call 847-658-4535 to request a Secure Email Link to be sent to you that you can use to submit the documents electronically.

Download the Complete PPP Form Package.

The SBA has issued guidance, provided forms and has started to establish the process for businesses to apply for loans or relief. Please feel free to review this in order to begin your process, but also know that details are subject to change.

WE ARE HERE TO HELP YOU

For help or any questions, please call 847-658-4535 or submit your contact information by clicking here.

FOR ADDITIONAL NEWS AND UPDATES REGARDING COVID-19, PLEASE VISIT OUR NEWS PAGE.

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