Park Bank
 

Paycheck Protection Program Loans

Payments

The deferral period for Paycheck Protection Program (PPP) loans has been automatically extended from six to ten months. No modifications to your loan is necessary. Unless you submit a forgiveness application first, your first payment is not due until the 11th month after your note date.

Forgiveness

Our goal is to maximize your PPP loan forgiveness. Please contact your loan officer with questions or to begin the forgiveness process.

Holmen:
Lori Raabe – (608) 526-5503; lori.raabe@parkbank.bank
Sara Buchner – (608) 526-5502; sara.buchner@parkbank.bank
Morgan Farmer – (608) 790-2877 (cell); morgan.farmer@parkbank.bank

Sparta:
Lance Hauser – (608) 269-0430; lance.hauser@parkbank.bank
Morgan Farmer – (608) 790-2877 (cell); morgan.farmer@parkbank.bank

La Crosse:
Todd Holtz – (608) 793-5511; todd.holtz@parkbank.bank
Ashley Bohl – (608) 793-5505; ashley.bohl@parkbank.bank
Chris Welch – (608) 793-5503; chris.welch@parkbank.bank
Morgan Farmer – (608) 790-2877 (cell); morgan.farmer@parkbank.bank

PPP loans under $50,000 requires the 3508S Application:

PPP loans between $50,000 and $150,000 requires the 3508EZ Application:

PPP loans over $150,000 requires the 3508 Application:

Required Documentation for All PPP Loans

Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:

  1. Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
  2. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
    1. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
    2. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
  3. Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.

Nonpayroll: Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.

  1. Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
  2. Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
  3. Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.