SBA PPP written over a business couple

TS Bank SBA PPP Loan Program Second Draw Now Open

February 5, 2021 | TS Bank

5/7/2021 UPDATE: The Small Business Administration (SBA) has announced the Paycheck Protection Program (PPP) fund has been exhausted and that they are no longer accepting applications.

As part of the new economic relief bill early this year, businesses who did not apply or withdrew for an SBA PPP loan in 2020 are eligible to apply now through May 31, 2021*. TS Bank helped save over 2,061 paychecks (269 loans) during the first round of SBA PPP in 2020, and is now ready to assist local businesses with the submission of both first and second draw SBA PPP loan applications.

Many businesses including dentist offices, hair salons and schools, to name a few, had to close doors during the early months of the pandemic.  Economic tolls were placed on many with the loss of regular business hours and accessibility.

“It was a very stressful and confusing time as a business owner, so I appreciated their ability to make the process easy to navigate.  I had a great experience working with TS Bank for my PPP loan,” said Dr. Zack Bandow, DDS owner of Atlantic Dental Center.  “Dan Rossell has exceeded my expectations in many ways. He always responds in a timely manner, and he is very helpful and friendly to work with at all times. Partnering with Dan and TS Bank on the PPP loan was a pleasure!”

Businesses are eligible for a second draw loan if they experienced a 25% reduction in quarterly revenues, when compared to the same quarter the year prior. For example, if the second quarter 2020 revenue experienced a reduction of 25% or more compared to the second quarter of 2019, the business would be eligible for a second draw PPP loan. Businesses are eligible if they experienced such a reduction in revenue in any quarter of 2020.

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“I had to close down for two months and applied for several grants with not having much success, until I learned about the PPP loan,” said Tracie Johnston owner of hair salon Studio 406 in Corning, Iowa. “I would like to thank Tysen Christensen and Carson Cline for doing an amazing job at helping me with the PPP loan for my business. It has been awesome for our small town businesses.”

Applicants can borrow up to 2.5 times their 2019 or 2020 average monthly payroll (3.5x for hotels and restaurants) as reported in their tax filings. Applicants will need to provide corresponding 2019 or 2020 tax figures as documentation to support their payroll amounts. For sole proprietors reporting income on IRS form Schedule C, payroll is based on Net Profit. For farmers reporting income on IRS Form Schedule F: income is now based upon gross income, not net profit shown on 2019 Schedule F. It is limited to 2.5 months with $100,000 annual gross income cap (this equates to a max loan of $20,833, for the sole proprietors income).

Business owners must also attest that they have or will have used their first PPP loan for authorized purposes on or before the date they receive their second PPP loan. Businesses permanently closed are not eligible for a second draw loan.

 “The PPP loan with TS Bank was a huge help for us.  We were able to keep our staff and keep our doors open virtually and then in-person this fall.  It pretty much saved our business,” said Teresa Nichols, Human Resources Financial Division with Heartland Christian Schools in Council Bluffs. “We worked with Andrew Murray, and he was diligent, patient and knowledgeable about the process.  This program allowed our faculty and staff to sleep at night.”

To read more about each loan requirement, begin the process, download the second draw application form from SBA visit our website here and call one of our bankers toll free at 844-487-3030.

*This release was updated on 3/31/2021 to reflect the extended deadline of May 31, 2021.


About TS Bank: TS Bank’s mission is to Ignite Prosperity® in the communities it serves. Leading the resurgence of community banking, TS Bank reinvests 10% of their net income locally; hosting educational events and partners with local organizations and non-profits. TS Bank was chartered in 1923 and has $365 million in assets, along with the largest Iowa state-chartered C-Corp trust department west of Des Moines at nearly $218 million in assets named TS Prosperity Group. Locations include Treynor, Macedonia, Atlantic, Corning, Council Bluffs and Ames, Iowa. For more information visit