PPP Extended Until August 8; Peoples Bank accepting applications

Jul 7, 2020 7:00:00 PM/ by Rebecca Prescott

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;
  • Utilities


Written by Rebecca Prescott

Rebecca Prescott is the marketing manager for Peoples Bank, based in Indianola.

Lists by Topic

Recent Posts