State Savings Bank

SSB COVID-19 Update: Click Here Frequently for Important Customer Information.

Coronavirus (COVID-19) Business Assistance Resources

The state and federal governments, along with local organizations, are creating assistance programs to help small businesses through the Coronavirus (COVID-19) event. Resources will be listed on this page as they become available. Please check back regularly to see updates. To help you see what's new, new items will appear at the top of the list preceded with the date posted. 

  • Posted 10/14/20  The Small Business Administration revised General Loan Forgiveness FAQ 4 on 10/13/20  to clarify that borrowers may submit a loan forgiveness application at any time before the loan matures instead of the previously published deadline of October 31, 2020. See the latest FAQs dated 10/13/2020 here
  • Posted 8/12/20  The Small Business Administration added FAQs 50-51 to its PPP FAQs on August 11. See all FAQs here.
  • Posted 7/24/20  The Small Business Administration issued a procedural notice late yesterday providing detailed instructions to lenders on the PPP forgiveness process and indicated that lenders could begin submitting applications August 10th. Our lenders will be in contact with you soon to shared details of how and when to submit you information and start the process. Please feel free to contact the bank if you have questions.
  • Posted 7/6/20 The Paycheck Protection Payment application deadline has been extended from June 30th to August 8th. If you are in need of a PPP loan, contact your account officer.
  • Posted 6/9/20  President Trump signed the Paycheck Protection Program (PPP) Flexibility Act which provides more time and flexibility for small businesses to keep workers on payrolls, continue operations, and also modifies the loan forgiveness guidelines. Read the statement here.
  • Posted 6/9/20 The Federal Reserve has lowered the minimum loan size for certain Main Street Lending Program loans from $500,000 to $250,000 and modified the terms and repayment option. Read details here.
  • Posted 5/29/20 Funding provided for hog disposal for animals that can't go to packing plants. Read details here.
  • Posted 5/22/20 The USDA released details of the Coronavirus Food Assistance Program, which will provide up to $16 billion in direct payments to deliver relief to farmers and ranchers impacted by the coronavirus pandemic. Read the announcement here
  • Posted 5/19/20 We are resuming Saturday drive-up hours effective Saturday, May 23rd. Our lobbies remain under limited access. If you need access to the lobby, please call the bank to make an appointment.
  • Posted 5/18/20 The SBA has released the borrower application and instructions for PPP loan forgiveness. Our lenders are reviewing and will be in touch with borrowers soon.
  • Posted 5/14/20 The SBA announced new safe harbor for PPP borrowers with loans of less than $2 million. Updated FAQs are available here.
  • Posted 5/4/20 The SBA announced on May 4 that agricultural businesses are now eligible for the SBA's Economic Injury Disaster Loan and EIDL Advance Programs. See the new eligibility guidance here.  Application Form available here.
  • Posted 5/4/20 The SBA has revised its PPP FAQs to clarify situations regarding rehiring of laid off employees and guidance for seasonal employers. Revised FAQs here.
  • Posted 4/28/20 The April 30, 2020 deadline for estimated income tax payments for the first quarter installment of tax year 2020 has NOT been extended. Information regarding estimated tax payments and underpayment payment relief, as well as other upcoming tax deadlines can be found here: Frequently Asked Questions for Estimated (Income Tax) Payments.
  • Posted 4/27/20 The Federal Reserve Board announced an interim final rule allowing banks to immediately suspend enforcement of the six transfer limit of six-per-month transfers or withdrawals from savings accounts, effective April 23rd. Read the rule here.
  • Posted 4/24/20 President Trump has signed the $484 billion stimulus bill into law providing additional money for small business, hospitals and testing. We will begin submitting Paycheck Protection Program loan applications for SBA approval on Monday, April 27 at 9:30 am.  
  • Posted 4/22/20 The U.S. Senate unanimously voted 4/21/20 to provide over $320 billion in new funding for the Paycheck Protection Program, $60 billion of which is set aside specifically for smaller institutions like community banks. The House must now approve the bill and is expected to do so this week. Read details here.
  • Posted 4/21/20 Iowa Governor Kim Reynolds announced a COVID-19 statewide testing initiative designed to gather and understand virus activity across the state, key information needed to determine when life can safely return to normal. Read more and take the assessment here.
  • Posted 4/20/20 There are strong indications that congress will authorize additional funds for PPP loans later this week. If you are in need of a PPP loan, do not delay. Please use this wait time to get your application and supporting documentation to our lenders. They will get the preliminary work done and ready to submit to the SBA for approval as soon as additional funding is authorized. 
  • Posted 4/16/20 As of about 9:00 AM, all available PPP funds have been allocated and the SBA is not accepting any more applications. If you had hoped to participate in this program, speak to your lender about options. 
  • Posted 4/14/20 The USDA and its federal partners have developed a matrix organizing funding opportunities identified in the CARES Act and other federal resources categorized by customer and assistance type. COVID-19 Federal Rural Resource Guide.
  • Posted 4/13/20 The IRS is beginning to issue economic impact payments and has released new tools to help facilitate these payments. Read details here. See FAQs for consumers here.
  • Posted 4/9/20 The Iowa Department of Revenue announced conditional penalty relief for taxpayers required to make estimated payments. Read the announcement here.
  • Posted 4/2/20 The US Department of Labor has issued a temporary rule effective from April 1, 2020 through December 31, 2020 to the Paid Leave under the Families First Coronavirus Response Act. Read the rule here
  • Posted 3/31/20 Treasury Issues Guidelines, Application Form for SBA Paycheck Protection Program. Applications begin April 3.
  • Posted 3/27/20 Congress passes CARES Act Paycheck Protection Program. See Fact Sheet here. 
  • Posted 3/27/20 Governor Reynolds orders additional retail closures. Read proclamation here.
  • Posted 3/26/20 If your business is still open, here are Centers for Disease Control guidances for maintaining healthy business operations
  • Posted 3/25/20 The Treasury Department and the Internal Revenue Service (IRS) announced special federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. To see eligibility, tax filing, IRA, HSA and workplace-based retirement plan details, and more— including FAQs— click here
  • Posted 3/25/20 Access the Iowa District SBA website for contact information and other resources.
  • Posted 3/25/20 The Greater Des Moines Partnership has a variety of employment resources to match laid-off workers with local companies looking for part-time employees. 
  • Posted 3/24/20 The Small Business Administration's Iowa District Office will host Webinars Tuesday, March 24 and Thursday, March 26 to provide an overview of available assistance. Click here for time and login details.
  • Posted 3/24/20 The Iowa Economic Development Authority has an Iowa Business Recovery Assistance webpage full of useful resources including financial assistance guidance, business guidance, health recommendations, and more. 
  • Posted 3/24/20 The Iowa Small Business Relief Program, announced by Governor Reynolds on March 23, will provide financial assistance and tax deferrals to small businesses that meet eligibility requirements. Read the FAQs here.  Applications must be submitted by Tuesday, March 31, at 12 pm. Fill out the application here.
  • Posted 3/24/20 The Iowa Department of Revenue is granting certain filing and payment extensions following the Governor's Proclamation of Disaster Emergency. Read the news releases here.
  • Posted 3/24/20 Iowa small businesses affected by Coronavirus (COVID-19) can apply for an SBA Economic Injury Disaster Loan. Read more here.

 

Additionally, in certain cases, State Savings Bank can modify existing loans to help you during this historic event. Call your account officer to discuss details. 

 

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