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Peoples State Bank

Business Resources During COVID-19

Paycheck Protection Program | Economic Injury Disaster Loan | Peoples State Bank Options


January 2021 PPP Information

Congress has passed a $900 billion COVID-19 relief package, the Consolidated Appropriations Act of 2021, which was signed by President Trump on Dec. 27. The bill includes a new round of Paycheck Protection Program (PPP) funding.

The $284 billion set aside for PPP loans will be administered by the Small Business Administration (SBA). Peoples is providing information based on what we have received from SBA for both our current PPP loan customers (click here) and for any other business that has either not obtained PPP loan funding previously or is not currently a Peoples customer (click here).

Peoples Current PPP Loan Customers

Second Draw PPP Loan

Borrowers who received a PPP loan are eligible to apply for a second draw pending they meet the following requirements:

  • Have fewer than 300 employees 
  • Must use all of your first round PPP funds prior to receiving disbursement on a 2nd draw
  • All round one funds were used for eligible expenses
  • Demonstrated revenue reduction of greater than 25%, year-over-year, from 2019 to 2020 (must supply documentation)
    • Can be substantiated with comparing annual gross revenues from filed tax returns
    • Can be substantiated by comparing a like quarter year over year (please note that you meet the requirement if any SINGLE quarter from 2019 to 2020 shows the 25% reduction in revenues)
  • For loan amount determination, borrowers with NAICS codes beginning with 72 (largely hotels and restaurants) can use a 3.5 multiplier of average payroll for round two. All other borrowers continue to use a 2.5 multiplier of average payroll.
  • Maximum loan amount is $2,000,000 for any one borrower and $4,000,000 aggregate for a business enterprise (related entities)
  • If borrower qualified for PPP round one using their 2019 payroll tax data then no additional documentation is required if they use the same 2019 data for round two. Borrowers can choose to use 2020 payroll data but would require new documentation to be provided. 

Second Draw PPP Application Process

Peoples State Bank is partnering with CliftonLarsonAllen (CLA) on an automated process for second draw PPP applications. Peoples borrowers may use their login credentials on the CLA portal to begin their application as of January 20, 2021. A majority of your information will be pre-populated based on your first draw application.

  1. Log in to the CLA portal and select the Loan Application tab, then Open
  2. Fill out all information as prompted
  3. Download the application to initial and sign
  4. Upload completed application in the CLA portal

Current PPP customers that have not yet logged into the CLA portal can contact directly to obtain access. If you are new to Peoples, or interested in a first draw PPP loan, please contact a commercial banker for help at 888.929.9902.

The SBA will review all applications prior to giving the Bank any authorization or approval. Please expect it to be days to weeks (as communicated by the SBA) before we have commitment on your second draw loan. 

PPP Resources

​For any PPP related questions, please contact us via or your commercial lender.

Forgiveness Applications for Borrowers Under $150,000 ONLY

The SBA has released a new forgiveness application form 3508S for borrowers under $150,000. This is a one-page attestation on use of funds and employee headcount (with no supporting documentation). Peoples PPP borrowers can submit the 3508S one-page application to CliftonLarsonAllen (CLA) for the forgiveness of their PPP loan. Access the new form here.

Timeline for Forgiveness Applications

Once you submit your application to CLA for forgiveness they review for accuracy and completeness and will follow up if further information is needed. Once complete by CLA, they will send to Peoples and we will in turn submit to the SBA. This first process can take up to 60 days. Once submitted to the SBA, they have up to 90 days to provide a final decision on the forgiveness application. Please understand that once you submit your application, it could be a matter of weeks or even months until that final decision is made. The Bank will notify you, in writing, and have you sign an attestation of forgiveness within 15 days of forgiveness by the SBA.

First-Time PPP Borrowers

If you did not previously receive a PPP loan, here is what you need to know if you are considering applying for a PPP loan.

60/40 Rule

Sixty percent of the funds borrowed by businesses under the new PPP loan must still be used for payroll. However, the other expenses eligible for payment by a business have been expanded. While we await final rules, we expect payments for cloud computing, sales monitoring, and supplier goods—as long as the contract to purchase those goods was in place prior to application for the PPP loan. Perishable goods are excluded from that requirement. Other expenses expected to be covered include costs for sneeze guards, personal protective equipment, switch to outdoor dining, and other expenses to make a business COVID-19-safe. The money can also be used toward expenses incurred through vandalism or looting that occurred last summer.

Repayment Timing

During this second PPP loan process, borrowers have a more flexible time frame in which they can spend the PPP funds and still be eligible to have the loan forgiven. A borrow can choose the end date within an eight- or 24-week time frame.

Maximum Loan Amount

The maximum loan under the new PPP program is $10 million. The amount that most individual businesses can request is still based on a formula of 2.5 times average payroll. The formula has been adjusted to food service and accommodations businesses to 3.5 times average payroll.

Employee Retention Tax Credit

Previously, a business that received a PPP loan could not also claim an employee retention tax credit. This has now changed and is retroactive—meaning businesses that received a PPP loan can claim the tax credit for 2020 by the end of the year. Moving forward into 2021, the tax credit program is expanded, from 50% of wages per employee up to $10,000 per year, to 70% of wages per employee up to $10,000 per quarter. Even though a business can both claim a tax credit, and a PPP loan, they can’t use both programs to cover the same wages.

PPP Application Process

PPP Resources

We’re Here For You

For any PPP related questions, please contact us via

Our entire team at Peoples State Bank is here for you. Thank you for the privilege to serve you. 


The SBA will provide low-interest federal disaster loans to small businesses affected by the COVID-19 pandemic. Businesses must apply directly through the SBA for this loan.


Under the SBA’s Economic Injury Disaster Loan (EIDL) program, small businesses and non-profits may qualify for up to $2 million in loans to cover losses resulting from the pandemic. 

  • Fixed interest rates are 3.75% for small businesses and 2.75% for non-profits
  • Can provide working capital to meet needs of payroll, accounts payable, and fixed debt payments
  • May be able to extend payments for up to 30 years (terms of repayment on a case-by-case basis)
  • May not be used for expansion or to replace lost sales or profits
  • Turnaround times are currently 21 days, with loans funded 3-5 days later
  • Deferments available for up to 12 months

Businesses may request an expedited disbursement that is to be paid by the SBA within three days of the request. The advance may not exceed $10,000, and must be used for authorized costs, but is otherwise not repayable if the EIDL Loan is not approved by the SBA.

More details are available on the SBA’s website


People State Bank's commercial banking team is poised to assist you with other lending needs and business lines of credit. Contact your commercial banker for more information, or to discuss options that may be available. 


We offer programs designed to help maintain control of your cash flow and daily cash management, especially in a digital environment.

  • Direct Deposit Payroll – setup direct deposit so your employees do not need to deposit physical checks
  • Automated Clearing House (ACH) – a dependable collection and payment system to manage your business transactions
  • On-site Deposits – provides you and your staff the ability to scan the checks your business receives into a computer and then transmit the images to us providing a quick, secure option to enhance your cash flow
  • Fraud Protection – keeps your financial transactions more secure
    • ACH Blocks & Filters – helps prevent unauthorized ACH transactions
    • Positive Pay – helps prevent unauthorized checks from being processed
    • Account Reconciliation Service – reconcile your business accounts using a range of options including partial and full reconcilement
    • Online & Mobile Alerts – set alerts and monitor transactions impacting your accounts from your desktop or mobile device
  • Digital and Mobile Banking – contact us to start enrollment
  • Sweeps & Zero Balance – maximize your cash flow by setting up automatic transfers of money between accounts
  • Merchant Services – provides equipment and processing services you need to accept most types of payment options

The COVID-19 pandemic reminds all of us that employees, financial operations, supply chains, and customer relations can all be affected. Fraudsters and cyber-criminals are also taking this opportunity to catch your business with its guard down.

That’s why every business owner needs a plan to meet disruptions with clarity, confidence, and relative calm. And you need a bank partner who is there to assist you through the choppy waters. Your business objectives are our priority. Contact your Peoples State Bank commercial banker today.


Wisconsin Economic Development Corporation​


Wausau Region Chamber of Commerce



Oneida County Economic Development Corporation

Rhinelander Chamber of Commerce


Vilas County Economic Development Corporation


Milwaukee Economic Development Corporation

Milwaukee County Economic Development Division

Metropolitan Milwaukee Association of Commerce