Paycheck Protection Program

We are proud to be able to support the small businesses and organizations in our Farm Bureau® family.
As of May 4, 2021, the PPP funding has been exhausted and we are no longer accepting applications. If you currently have an application in progress, we will provide an update directly once we receive more information.

To learn more about PPP loan forgiveness and how to apply, see the Forgiveness Process section below.
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act of 2020 [CARES Act] establishing the Paycheck Protection Program [PPP]. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act [Economic Aid Act] became law. The Economic Aid Act extends the authority to make PPP loans through May 31, 2021, makes $285 billion available for first and second draw PPP loans, and includes other PPP revisions, such as simplified applications for forgiveness of loans under $150,000. We have included program highlights for general information purposes, but you should review all updated requirements and guidance at and  You also may want to contact your accountant, attorney or other trusted advisors.
Update as of 6/30/2021:

Thank you for choosing Farm Bureau Bank to process your PPP loan.
We are currently accepting forgiveness applications for PPP loans that originated in 2020 for Rounds 1 & 2 and 2021 Round 3.

2020 Originations
We are finalizing the processing of forgiveness for PPP loans that originated in 2020.
  • If your business has not applied for forgiveness, please do so as soon as possible.
  • If you need to request an invitation to apply for forgiveness, have questions, need assistance or not planning on applying for forgiveness, please e-mail us at
If you do not apply for forgiveness within 10 months after the last day of your covered period, then PPP loan payments are no longer deferred, and you will need to begin making loan payments to Farm Bureau Bank. If you need to be set up for payments, let us know so that we can make the arrangements.
When applying for forgiveness, please allow time for SBA processing to avoid forgiveness deadlines. The SBA process could take several weeks.
We are here to help you through the process. Let us know if you need our assistance by e-mailing

2021 Originations
We have started sending out invitations to apply for forgiveness. We are working from the origination date of the oldest to the most recent.
Is it time for you to apply for forgiveness? We are here to help you determine if it is time.
At this time, there are no documents required while applying for forgiveness if your loan is less than $150,000. In the case your application is selected for a more thorough review by SBA, we will notify you and you would then be required to submit your supporting documents.
You may apply for forgiveness once your coverage period ends and all loan proceeds for which you are requesting forgiveness have been used. Your loan forgiveness coverage period generally begins on the date of your PPP funds disbursement and ends on a date selected by you between 8 to 24 weeks thereafter. You will see the disbursement date once you receive, access the link to apply for forgiveness and register.

If your loan disbursement was 03/31/2021:
Coverage Period:
Disbursement Date = 03/31/2021
8 Weeks = 05/26/2021
24 Weeks = 09/15/2021
Your coverage period ends when you have depleted all funds on a date between 8 to 24 weeks. At least 60% of the funds must be used towards payroll. The remainder can be used for other eligible expenses. As a reminder you will need to maintain supporting documentation and provide to us, if requested.

If you have completed your coverage period and you have not received an invitation for forgiveness, notify us by sending an e-mail to to request your invitation to apply for forgiveness. The invitation will come from (our PPP online partner Street Shares) with the link to apply for forgiveness. Check your junk mail or spam if you do not see the e-mail. For gmail, please check your Promotions folder under your e-mail.
When you receive your e-mail containing the forgiveness invitation from (our PPP online partner Street Shares), there will be a “Start Now” link to apply for forgiveness on your PPP loan. Please complete this on-line application as soon as possible if your coverage period has ended.
We will periodically send out communications with important information and deadlines, please watch for our e-mails. If your contact information changes, please send us the most up to date information so that we may stay in contact.

Highlights and Helpful Hints
  • During the invitation phase you will receive a link from where you can log in to your account
    • As a security measure, the link only remains active for 72 hours
    • When signing in, your user ID is the email address that you used for this loan.
    • The application is viewable in the latest versions of Chrome, Firefox, or Safari Internet browsers. 
  • When registering, please bookmark as a favorite to your browser to login and check the status of your forgiveness anytime.
  • Using iPhones, androids, iPads, and tablets have shown some incompatibilities in viewing the whole screen, therefore using a desktop computer or laptop works best in uploading documents, confirming calculations, and submitting applications.
  • If additional information is needed, we will e-mail you a request for information.
Once your application is finished and you click Submit, you will need to provide a covered period date in order to move forward.  Your covered period is the time it took for your PPP funds to deplete, 8-24 weeks beginning from your loan disbursement date. At the time you submit your forgiveness request, your coverage period must have already ended. Once you entered your covered date, please make sure to submit your application.
As a next step, you will receive an e-mail from DocuSign System that requires your electronic signature. Please continue to watch for communication through your e-mail.  Enter initials and signature in required fields otherwise, the document will not be valid.
Access additional information from the SBA here.
The Paycheck Protection Program [PPP] is a low interest rate loan that may be partially or fully forgiven by the Federal government when used for allowable purposes:
  • Loan amounts are based upon average monthly payroll costs, subject to certain caps
    • Most qualifying businesses can borrow a maximum of 2.5 times their average monthly payroll costs
    • Businesses under NAICS code 72 may receive loans up to 3.5 times their average monthly payroll costs
  • 1% fixed interest rate, calculated on a simple, non-adjustable basis
  • 5-year loan term
  • Deferred payments of principal and interest
  • No collateral or personal guarantees required
  • Forgivable when used for allowable purposes that meet the necessary guidelines:
    • Payroll costs – including certain group benefits - must be ≥ 60% of the loan
    • Mortgage interest
    • Rent
    • Utilities
    • Worker protection costs related to COVID-19
    • Uninsured property damage costs caused by looting or vandalism during 2020
    • Certain supplier costs and expenses for operations
PPP Loan - First Draw
A First Draw PPP Loan is a loan available to a first-time borrower who did not receive a PPP loan in the initial rounds made in 2020 under the CARES Act.
  • The maximum loan amount is $10 million
  • Businesses with 500 or fewer employees, including:
    • Business entities – e.g. Corporations or LLCs
    • Sole proprietorships
    • Independent contractors
    • Certain nonprofit organizations
    • Veterans’ organizations
    • Tribal business concerns
  • Faith-based organizations with 150 employees or less
  • Housing cooperatives with 300 employees or less
  • Nonprofit organizations with 300 employees or less that:
    • do not receive more than 15 percent of receipts from lobbying;
    • the lobbying activities do not comprise more than 15 percent of total activities; and
    • the cost of lobbying activities of the organization did not exceed $1,000,000 during the most recent tax year that ended prior to February 15, 2020
  • Businesses that have been in operation as of February 15, 2020
  • For a more complete explanation, review the SBA’s First Draw Loans Overview
PPP Loan - Second Draw
A Second Draw PPP Loan is available to borrowers that previously received a PPP loan and have used or will use the full amount of their initial funds for authorized purposes on or before the expected date of disbursement of the Second Draw PPP Loan.
  • The maximum loan amount is $2 million
  • Eligible businesses with…
    • 300 or fewer employees for most businesses
    • 500 or fewer employees for hotels or restaurants, with no more than 300 employees per location
  • Existing PPP loan borrowers may be eligible if they:
    • Received and used or will use all the funds from a first draw on eligible expenses before the second draw is disbursed
    • Can demonstrate a 25% decline in revenue for any quarter in 2020 vs. the same quarter in 2019
  • Covered period between eight and 24 weeks can be selected
  • Application must be signed by a signer on the first loan
  • For a complete explanation, review the SBA’s Second Draw Loans Overview
Schedule C Filers
The SBA has implemented new changes that will substantially enhance the funding available to sole proprietors, independent contractors and self-employed individuals. Those who file an IRS Form 1040, Schedule C can now calculate their maximum PPP loan amount using gross income on their Schedule C tax form.
This calculation change is available for both first-draw and second-draw borrowers. Under SBA guidelines, this only applies to new loans approved after March 3, 2021. Borrowers that have already had their loans approved cannot increase their PPP loan amount based on the new maximum loan formula.