Coronavirus COVID-19

Updates Regarding Coronavirus COVID-19

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Paycheck Protection Program

To Valued Customers,

On 3/27/20, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act of which part provides $350 billion of funding through the SBA 7 (a) loan program.  As a reference, here’s the link for the approved Bill:

Known as the Paycheck Protection Program the initiative is specifically designed to help small businesses keep their workforce employed.

  • The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

Loan Terms & Conditions

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
    • Payroll costs, including benefits; Interest on mortgage obligations, incurred before February 15, 2020; Rent, under lease agreements in force before February 15, 2020; and  Utilities, for which service began before February 15, 2020.
  • All loans under this program will have the following identical features:
    • Interest rate of 0.5%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

The Small Business Administration (SBA) expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union and apply for a loan as of the following dates:

  • April 3rd – small businesses and sole proprietors
  • April 10th – independent contractors and self-employed individuals

You are not alone!! As an experienced SBA Lender, Lake Area Bank will help you through this process. Because this is an SBA loan, we as your lender will lead the process by reviewing and approving your loan prior to submitting to the SBA for their final approval.  

Given that funds are limited and expected to go fast, we can’t guaranty that all businesses that apply will receive funding. However, in an effort to expedite the application process, we recommend you start preparing the following to the extent this is something you’re interested in applying for. Please be accurate and as detailed as possible so as not to delay the processing of your application.


  • Familiarize yourself with the Paycheck Protection Program. The following are a couple of good resources to review.

         US Chamber Checklist

Complete and gather the following documents and submit to your Lake Area Bank Business Banker.

  • Paycheck Protection Program Application (
  • Articles of Incorporation/Organization of each borrowing entity ( non-customers only)
  • By Laws/Operating Agreement of each borrowing entity ( non-customers only)
  • All owners Driver’s Licenses
  • Payroll Expense verification documents to include:
    • IRS Form 941 and 944 (all filed in 2019)
    • Payroll Summary Report for full 2019 
    • If a Payroll Summary Report is not available, Employee Pay Stubs as of December 31, 2019 (or corresponding period) with corresponding bank statement, and breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
    • Payroll costs will be capped at $100,000 on an annualized basis for each employee so records provided must show detail to reflect those employees
  • 1099s (if Independent Contractor)
  • Trailing twelve-month profit and loss statement (as of the date of application) for all applicants
  • Personal Tax Returns (2018 or 2019 if available for each owner)
  • Business Tax Returns (2018 or 2019 if available for each entity)
  • Most recent Mortgage Statement or Rent Statement (Lease)

Most recent Utility Bills (Electric, Gas, Telephone, Internet, Water, etc.)

Some of this may be more (or less) than needed but being prepared will help ensure a timely application without delays.  If you have any questions, please contact your Lake Area Bank business banker.

Ed Jambor
[email protected]

Rita Pechmann
[email protected]

Tony Cavallaro
[email protected]

Sheryl Campbell
[email protected]


Jake Johnson
[email protected]

Thank you for banking at Lake Area Bank!!

03/26/20 - Essential Services & Forest Lake Saturdays


Essential Services & Forest Lake Saturdays

Essential Services:
We hope this email finds you well!  As you have likely heard, yesterday Governor Walz announced Minnesota has been placed on a “Stay at Home” Order in response to the coronavirus COVID-19 pandemic. The Executive Order directs Minnesotans to stay at home and limit movements outside of their homes beyond essential needs for 2 weeks.  Banks are considered an essential service under this order.  We want to assure you that we are here and ready to continue serving you.  Although our branch lobbies will remain closed during this time of social distancing, our drive-thrus remain open and able to handle the majority of your financial needs.  In-branch visits may be allowed for essential deposit and lending services by appointment only.

Forest Lake Branch – Saturdays:
In order to accommodate staffing shortages, our Forest Lake location will be temporarily closed on Saturdays beginning March 28, 2020.  Forest Lake lobby access may be available for essential services only by appointment during Monday thru Friday hours. Our night deposit box and ATM will continue to be accessible at all locations, including Forest Lake.  In the meantime, should our Forest Lake customers need assistance on a Saturday, please visit any of our branch drive-thrus.  As a reminder, online banking and mobile banking are 24/7 resources you may find valuable during this time of social distancing. 

We apologize for any inconvenience this may cause and look forward to our branch locations being back in full swing once the coronavirus subsides.  Thank you for your patience during this difficult time.

We hope you and your loved ones stay safe and healthy.

Your friends at

Forest Lake
808 W Broadway Ave
Forest Lake, MN 55025
Phone: (651) 464-9001
Monday thru Friday
Essential lobby appointments only

14602 Everton Ave N
Hugo, MN 55038
Phone: (651) 407-3137
Monday thru Saturday
Drive thru & essential lobby appointments only

12790 First Ave N
Lindstrom, MN 55045
Phone: (651) 257-1117
Monday thru Saturday
Drive thru & essential lobby appointments only

5795 Minnesota Ave N
Stillwater, MN 55082
Phone: (651) 430-9500
Monday thru Saturday
Drive thru & essential lobby appointments only

White Bear Lake
1400 East Highway 96
White Bear Lake, MN 55110
Phone: (651) 653-9619
Monday thru Saturday
Drive thru & essential lobby appointments only

03/26/20 - Hardship Assistance

To our valued customers,

Coronavirus (COVID-19) may be impacting our communities, but it has not impacted our commitment to our communities. If COVID-19 has impacted your personal or business finances, please understand that we are here to help. We are well prepared to handle situations such as these with unwavering service and support.

If you are experiencing hardship and need assistance regarding your mortgage, consumer loan, business loan, or deposit services, please contact our bankers to discuss your individual situation and help find a solution to fit your needs. We may have options for deferring loan payments or establishing a plan that could relieve stress from your personal or business finances. Small businesses may also benefit from disaster and emergency loans provided by the state.  More information on these loan options can be found on our coronavirus webpage at

In this environment, our commitment to the health and safety of our customers and employees remains our #1 priority.  We have been ‘Making a Difference in People’s Lives’ since 1915 and will continue to provide the safety and security that has been a staple at Lake Area Bank.

3/26/20 - Small Business Disaster & Emergency Loans Now Available


Small Business Disaster & Emergency Loans Now Available

The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been hit particularly hard. Thanks to a concerted effort by the states, both Minnesota and Wisconsin small businesses are now eligible to receive disaster and emergency loans.  Below are a few options.

Economic Injury Disaster Loans (EIDL) from the SBA

These EIDL are direct loans from the Small Business Administration and the application is made directly to the SBA, not through individual banks. However, Lake Area Bank is available to assist our business customers with the application or answer any questions during the application process.

Online applications for these loans are now open to businesses at:

What’s an EIDL?

  • This program can provide low-interest loans of up to $2 million to small businesses and private non-profits. 
  • These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments that can’t be paid due to the COVID-19 pandemic.  
  • 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. 

For more information, visit the SBA’s Disaster Loan Assistance web page or download the three step process for disaster loans information sheet.  You can also watch this video to address common questions and provide tips for applying.

MN DEED Emergency Loan Program Now Accepting Applications

The Minnesota Department of Employment and Economic Development (DEED) has created a Small Business Emergency Loan Program to help Minnesota small business owners who need immediate assistance during COVID-19 closures.

  • The loan program is intended to help businesses temporarily closed under Executive Order 20-04, later clarified by Executive Order 20-08, which stopped onsite customer dining at restaurants and bars and closed an extensive list of other small businesses.
  • The Small Business Emergency Loan Program will make $30 million available.
  • These dollars will be used to make loans of between $2,500 and $35,000 for qualifying small businesses.
  • The loans will be 50% forgivable and offered at a 0% interest rate.
  • If other financing becomes available to small businesses that received an emergency loan, such as federal funding, the emergency loan must be repaid.

These emergency loans will be made through an existing network of lenders DEED works with across the state. Check out the list of lenders and application materials on DEED’s website.

Minnesota small businesses should contact one of the lenders on the list. If they still have questions about this emergency loan program, they can email [email protected].

WI Offers Grant Assistance to Existing CDFI Loan Clients

The Wisconsin Economic Development Corporation (WEDC) Small Business 20/20 Program provides grant funds to approved community development financial institutions (CDFIs). Approved CDFIs will award grants of up to $20,000 to their existing loan clients to assist with cash-flow challenges resulting from COVID-19.

Businesses that are not currently CDFI clients are not eligible to access these funds, but WEDC will work to expand access to funding through other programs as more resources become available. If you have more questions, view this FAQ page on SB20/20.

Lake Area Bank wishes you the best during these difficult times and are here to answer any questions or provide assistance with this process or any other needs your business may have.  Please contact your business banker at

3/17/20 Coronavirus - Temporary Lobby Closure


To Our Valued Customers,

With the progression of the coronavirus COVID-19 outbreak, and recommendations from the CDC and the Governor of Minnesota, we are making the proactive decision to limit lobby access at all Lake Area Bank locations as of Thursday, March 19th, 2020 until further notice. Drive-thrus will remain open and we will remain staffed at all locations.

During this limited lobby service, we are still just a phone call away. The exceptional financial services that we have always provided for our customers will not change. Most of our services can be conducted via drive-thru, night deposit boxes, and ATMs. We will be able to take appointments, but please call ahead to discuss your situation with one of our Universal Bankers so that we may develop a plan on how to best serve your needs. We are also happy to support you through our online banking and mobile banking tools.

As your trusted community financial institution, we are doing our part to flatten the curve of this virus and protect the communities we serve. We will continue to keep you up to date as we move forward. You can also check our website at for the latest updates.

We look forward to continuing to serve you and re-establishing full branch services once the need for social distancing diminishes. Thank you for being a valued Lake Area Bank customer.

Your friends at,

3/16/20 - Coronavirus / Bank Precautions


To Our Valued Customers,

As coronavirus (COVID-19) begins to have an increased impact on our communities, Lake Area Bank is closely monitoring reports from the Centers for Disease Control (CDC) and continually evaluating precautionary measures for the health and safety of our customers and employees.

In our branches, we have taken the following steps to help mitigate risks of COVID-19:

Branch Safety. In addition to our regular custodial services, Lake Area Bank employees are actively cleaning and disinfecting common-use surfaces such as counters, door handles, desks, phones, ATMs, and coin counting machines to help ensure the health of our customers and staff.  You will also find increased availability of hand sanitizers within each of our branches. 

Staff Safety. We are committed to the safety of our employees and are requiring team members to remain at home with any signs of illness.  Staff are also encouraged to limit non-essential business travel and in-person group meetings as much as possible, and are reminded of the importance of cleaning office areas and regular hand sanitization.  In the event of a staff shortage, we ask for your patience as we evaluate staffing needs and branch services to best support your financial needs.

Customer Focus. While we pride ourselves on providing personal, face-to-face customer service, we understand during these uncertain times the desire to limit branch visits.  Please know that we have other financial resources that go beyond our physical branches, including 24/7 online banking, mobile banking and mobile deposit.  If you would like assistance setting up any of these services, please contact your local Lake Area Bank or watch a tutorial at  For those preferring in-person bank services, we encourage use of our drive-thru lanes when possible; however, our branch lobbies remain open at this time for those who desire in-branch transactions.

Our priority is doing what we can to minimize potential spread of the coronavirus.  We will continue to monitor the situation and provide additional updates should further developments warrant changes that could impact your level of financial services. Lake Area Bank is devoted to staying on top of this emerging situation to keep you and our employees informed and prepared.

For more information or details on the coronavirus (COVID-19), please refer to the CDC website at

Marc Campbell, CEO
Lake Area Bank


Forest Lake:




White Bear Lake:

Drive-Thru Locations:
White Bear Lake

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