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Due to the current COVID-19 Pandemic, until further notice our Clayton branch lobby will be closed to the public, with access by appointment only. Our Des Moines branch will be open from 10AM – 4PM and locked, but accessible during business hours by knocking or calling our main number. Our Roy branch will only be open on Tuesday’s from 10:30AM – 1:30PM. Please click the “Locations” tab for our branch phone numbers.

SBA Paycheck Protection Program

SBA Paycheck Protection Program

Last updated on April 30, 2020 by your Farmers & Stockmens Bank experts.

The Paycheck Protection Program is an SBA program that is part of the CARES Act which was signed into law on Friday, March 27, 2020. Below are the details of the program.


At this time, the funds allocated in the CARES Act to the PPP have been used in full. For that reason, we will no longer be accepting applications. We will continue to monitor news from the government and SBA to see if more funds become available.

You’ve secured your PPP loan, now what?

It’s been an incredible few weeks in the business world, specifically for those business owners who secured PPP loans for their businesses. We were thrilled to be able to help so many of our existing clients, and new clients, in securing these funds. But now that you have the funds, what should you be doing to maximize forgiveness from the SBA when all is said and done?

The truth is, no one has an exact answer because the final requirements have not been issued by the SBA.  The SBA is expected to release guidance for the forgiveness aspects of the Paycheck Protection Program, but no time frame has been given.  That guidance will not answer all the different scenarios and questions that will come up regarding forgiveness.  We encourage our clients to work closely with a CPA or Attorney that is familiar with the Paycheck Protection Program and follow their guidance.

The intent of the Paycheck Protection Program was to maintain employees and payroll levels and as long as the majority of the funds (75% or more) is used for that purpose, the SBA has said it will be forgiven.

While we don’t know all of the requirements for forgiveness yet, we have provided an expense tracking log for our clients to use to help keep all expenses tracked and summarized in one spreadsheet. Click on the button below to download the spreadsheet.

Download the PPP Expense Tracking Worksheet


Click on the button below for a great article that was published by Forbes and gives the best summary we have seen so far about the PPP and forgiveness.

Read More


Clearly, there are a lot of questions to be answered about PPP forgiveness.  As your bank, we want to make sure that you are armed with the best guidance we can find.  We will continue to share any information or direction we receive from the SBA.

Should you have any questions or would like to discuss SBA options in greater detail, please click on a name below to connect with our banking team: