The application deadline for the Paycheck Protection Program has been extended until August 8.
If you are a Peoples Bank business customer (loan or deposit) and have not submitted an application, please contact your personal bankers at 515-962-1400 as soon as possible. They will walk you through the process.
Who is eligible to receive the loans?
- Businesses with 500 or less employees;
- Businesses that meet current Small Business Administration (SBA) size standards;
- Self-employed individuals and “gig economy” workers;
- Certain nonprofits, including 501(c)(3) organizations and 501(c)(19) veteran organizations; and
- Tribal businesses with under 500 employees.
What is the size of the loans?
The maximum loan size is 250% of the employer’s average monthly payroll, or $10 million (whichever is less).
What can loans be used for?
- Payroll costs (salary, wages, and payment of cash tips up to annual rate of $100,000 per employee);
- Continuation of health care benefits during periods of paid sick, medical, or family leave, and insurance premiums;
- Employee salaries, commissions, or similar compensations;
- Payments of interest on mortgage obligations;
- Rent, including rent under lease agreement;