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Application Now Available - Paycheck Protection Program Second Draw Program 

To ensure the quickest loan funding, we ask that you obtain application forms from (listed below) and submit them by uploading through our secure portal link. Business Owners Guide – How to Calculate Your Max Loan
Additional Forms Referenced in BankVista PPP Second Draw Checklist (maybe required)


Paycheck Protection Program (PPP) and Forgiveness Applications

Forgiveness Applications (see below for application details)

Secure File Exchange: Submit Forgiveness Application Here

For loans $50,000 or less
Simpler loan forgiveness application for loans of $50,000 or less.   
Instructions for completing the simpler loan forgiveness application of $50,000 or less
Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

For loans $50,001 and above
Loan Forgiveness Application Form EZ Instructions
Loan Forgiveness Application Form EZ
Loan Forgiveness Application Instructions 
Loan Forgiveness Application 

Simpler PPP Forgiveness Loans of $50,000 or Less

Simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. View SBA press release here.

Simpler loan forgiveness application for loans of $50,000 or less.   
Instructions for completing the simpler loan forgiveness application of $50,000 or less
Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
Secure File Exchange: Submit Forgiveness Application Here


IFR #25, Additional Revisions to Loan Forgiveness and Loan Review Procedures, issued simultaneously with the press release provides new guidance concerning: (1) the forgiveness and lender loan review processes for loans of $50,000 or less; and (2) lender responsibilities relating to the review of borrower documentation of costs eligible for forgiveness in excess of a borrower’s PPP loan amount. 

A borrower that received a PPP loan of $50,000 or less may use the newly issued third version of the forgiveness application forms, PPP Loan Forgiveness Application SBA Form 3508S (or lender’s equivalent form), following the instructions related to using that form which were issued as a separate document. [Note, however, that regardless of its loan amount, a PPP borrower is prohibited from using the simpler form if the total amount of loans received by the borrower and affiliates is $2 million or more.] 

As detailed in the IFR and related forgiveness application and instructions, in addition to other simplifications to the forgiveness process, a borrower eligible to use the simplified form is exempt from any reductions in its loan forgiveness amount based on either reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages. This exemption was made under the authority provided in the CARES Act (Section 1106) which permits the SBA Administrator and the Secretary of Treasury Department of Treasury to “prescribe regulations granting de minimus exemptions from [the statutory forgiveness requirements]”. 

The IFR also clarifies that, for all forgiveness applications (SBA Form 3508, SBA Form 3508EZ, or SBA Form 3508S), the forgiveness amount cannot be greater than the PPP loan amount even if the borrower provides documentation to the lender showing eligibility payroll and nonpayroll costs that exceed the loan amount. 

PPP Forgiveness Loans of $50,001 or Greater

Several changes to the program are still possible, and we continue to recommend if your loan amount is $50,001 to $150,000 or less waiting until additional guidance is issued. Prior to submitting your forgiveness application, we would encourage you to consult with your CPA before proceeding.  

The current PPP rule indicates:
  • Borrower has 10 months from the end of the covered period (either the 8 weeks or 24 weeks, depending on your need) to start the forgiveness process. 
  • Once you submit the application to BankVista, we have up to 60 days to process your request. We will work with you in the same manner as the original application to minimize any surprises and ensure we are on the same page and in agreement on amount of forgiveness calculated. Once this step is complete, BankVista submits the application to SBA electronically and SBA has 90 days to concur with our recommendation and issue BankVista the amount of forgiveness you are entitled to, which will be applied to your loan balance. 

SBA published an EZ version of the forgiveness application (borrowers must be able to check 1 of 3 boxes on EZ instructions to qualify to use the 3 page EZ form). Please review the EZ instructions to determine which application you will need to use:

Loan Forgiveness Application Form EZ Instructions 

Loan Forgiveness Application Form EZ

Loan Forgiveness Application Instructions 

Loan Forgiveness Application 

Secure File Exchange: Submit Forgiveness Application Here

Immediate Loan Assistance: 2 quick approaches

BankVista has 2 quick approaches to alleviate a potential cash crunch:  

  • Defer your Principal and Interest payments for 3 months
  • Defer your Principal payments for 3 months (interest will still be due during this time)

For a more in-depth approach, refinance opportunities maybe available to reduce your monthly payment obligations, generate working capital, etc.  

Contact BankVista to review your options: 

Disaster Assistance Loans (Available Directly Through Government Application) 

Minnesota Small Businesses Now Eligible For SBA Economic Injury Disaster Loan Program

Thanks to a concerted effort by the state of Minnesota and the SBA to contain the economic impact of Coronavirus, the state's small businesses are now eligible for the SBA Economic Injury Disaster Loan Program and can apply for a loan on our website at

  • This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills. 
  • The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
  • These loans have long-term repayment options, up to a maximum of 30 years. 
  • Need help filling out the application? Access these step-by-step instructions
  • Guidance for Small Businesses

Apply Now 

SBA EIDL Fraud and Identity Theft - Steps to Help

SBA is aware of fraud happening in regards to the EIDL program.  Here are some steps you can take to report fraud and protect your credit score.

Reporting fraud:

  • Call 800-366-6303 and tell the operator that you believe you are a victim of fraud and your call will be routed to a special group, or,
  • Fill out an online from on the Office of Inspector General website

Next steps:

  • If a credit inquiry showed up or there is a loan you did not apply for, file a dispute with the credit reporting agency.  SBA will be contacted as part of the dispute process. 
  • File a police report
  • File a complaint with the FTC
  • Consider placing a freeze on your credit report to further protect yourself

If you have questions about these steps you can contact the Minnesota District Office at [email protected] or call 612.370.2324.

Minnesota Employment And Economic Development 
Small Business Emergency Loans

Following Executive Order 20-15, DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.

Businesses should apply directly through a certified lender. A list of lenders and application materials are available in the tabs. Nonprofits are not eligible for this program.

The program is still being developed and loans will be available soon. For further information visit MN Employment and Economic Development website.


  • Government-assisted help for businesses that might otherwise have difficulty getting approved
  • Special financing for qualifying businesses
  • Competitive rates for a wide range of business needs:
    • Commercial real estate purchase
    • Construction
    • Business acquisition or expansion
    • Equipment and inventory purchase
    • Working capital
    • And more
  • Several lending options available
  • Generally lower down payments and extended terms
  • Additional considerations taken when deciding maturity*
  • Easy, streamlined application process
  • In-house processing for expediency and efficiency
  • Personalized, attentive service

Saving You Time Right from the Start

The following information is usually required during the loan process:

  • Personal & Business Federal Tax Returns – last 3 years with all supporting schedules (Required on all guarantors and/or all individuals who own 20% or more of the business)
  • If an existing business – Year-to-Date Balance sheet and Profit & Loss statement are required. (Must be dated within 90 days of application).
  • 2-Year Projection of earnings – (required if less than 3 years of historical statements are available)
  • If any owner/borrower has a controlling interest in another business, 3 years of financial   information must be submitted on each affiliate entity.
  • A/R and A/P Aging Reports – at Banks discretion depending on use of proceeds and collateral offered
  • For Franchise purchase include Uniform Franchise Offering Circular (UFOC)
  • Purchase Agreement (applies only to acquisitions or real estate purchases)
  • Complete SBA Application & Forms

BankVista is excited to announce we have received the 2020 Minnesota SBA Lender of the Year award. We’d like to thank our team for their hard work and dedication. From customer service to our expert lenders, we couldn’t do it without you! 

We’d also like to thank the small businesses in our community for trusting us with your business banking needs. We appreciate the opportunity to serve you and our community together. Small businesses are the backbone of our community. That's why we work to offer them financing they need to thrive.

As a Preferred SBA Lender, at BankVista we work with the U.S. Small Business Administration offering these special loan programs. If your business can't qualify for traditional lending, talk to a BankVista commercial lender who can go over additional options with you.

Bank Smart. Bank Local. BankVista.