COVID-19 Update: We’re here for you

Lobby Updates


Concurrent with Governor Walz’s mandate we will soon be requiring everyone entering Granite Community Bank to wear a face covering. This protocol will go into effect beginning July 25th and will continue until we can legally and safely remove the facemasks. I thank you for your cooperation and your patience.
Gerald Reiter

GCB’s lobby is open for all financial services, in addition;

Most of our financial services are accessible through our digital banking platform at or on our mobile banking app.  Please feel free to call us for any financial service need you may have.

General banking questions and lobby appointment requests: 320-685-8611 or

Account & digital banking questions or concerns: 320-685-8611 or

Lending Department: 320-685-8611 or

Insurance Department: 320-685-4004 or

Investment Department: 320-685-4223 or




The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Loan payments will be deferred for 6 months.

When can I apply?

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Critical and absolute final guidance has not been made clear by the SBA, which may delay the application start date.  Granite Community Bank wants all borrowers to be compliant so that their loans can be forgiven.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. 
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

Where can I apply? You can apply through Granite Community Bank’s website. We will have an online application portal available to take applications. You can sign-up to receive notification for when this portal will be available.

Who can apply? All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.

What do I need to apply? You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to Granite Community Bank by June 30, 2020.

What other documents will I need to include in my application? You will need to provide your lender with payroll documentation, such as:

  • Payroll processing records, payroll tax filings, or Form 1099-MISC (if a contractor)
  • Income and expense records for sole proprietorships
  • For borrowers that don’t have such documentation we will need items such as bank records that are sufficient to demonstrate qualifying payroll amounts.

Do I need to first look for other funds before applying to this program? No.

How long will this program last? Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

How many loans can I take out under this program? Only one.

What can I use these loans for? You should use the proceeds from these loans on your:

  • 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.

What counts as payroll costs? Payroll costs include:

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
  • State and local taxes assessed on compensation; and
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

How large can my loan be? Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

How much of my loan will be forgiven? You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

You will also owe money if you do not maintain your staff and payroll.

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

How can I request loan forgiveness? You can submit a request to Granite Community Bank. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.

What is my interest rate? 1.00% fixed rate.

When do I need to start paying interest on my loan? All payments are deferred for 6 months; however, interest will continue to accrue over this period.

When is my loan due? In 2 years.

Can I pay my loan earlier than 2 years? Yes. There are no prepayment penalties or fees.

Do I need to pledge any collateral for these loans? No. No collateral is required.

Do I need to personally guarantee this loan? No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***

What do I need to certify? As part of your application, you need to certify in good faith that:

  • Current economic uncertainty makes the loan necessary to support your ongoing operations.
  • The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments.
  • You have not and will not receive another loan under this program.
  • You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan.
  • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law.
  • You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

Consumer Hardship Loan

GCB Current Customer Hardship Loans

A couple of points to know about Consumer Hardship Loans:

Forms to Fill Out FIRST

This loan application is only for CURRENT GCB customers. We HIGHLY recommend you complete your application online.

SBA Disaster Loan

SBA Economic Injury Disaster Loans (EIDL)

A couple of points to know about SBA Economic Injury Disaster Loans:

  • EIDL loans of up to $2M are now available for small businesses and private non-profits 
  • Funds can pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
  • The current interest rate is 3.75% for small businesses, non-profit rate is 2.75%
  • The terms can be extended up to 30 years to keep it affordable.
  • These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts.
  • Loan applications will be evaluated by SBA loan officers. Criteria includes: 
    • Credit history acceptable to the SBA
    • Repayment abilities
    • Eligibility – business must be headquartered in a declared state and suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons.
Applying for Disaster Loans 

Minnesota’s small businesses are now eligible for the SBA’s Economic Injury Disaster Loan Program and can apply online. 

Forms to Fill Out FIRST

Here’s a list of documents you’ll need to provide to complete the application: 

We HIGHLY recommend you complete your application online, do not mail them in. However, preparing these documents before you go to will streamline the process for you.

Update Tracker

3.20.2020 - General Notice
We wanted to update you regarding our efforts in responding to the fluid COVID-19 situation. At Granite Community Bank, we have a Pandemic Plan to help prepare us for these types of events.

As part of our plan we closely monitor communications from the Federal Deposit Insurance Corporation (FDIC), Small Business Administration (SBA), Centers for Disease Control and Prevention (CDC), the World Health Organization (WHO), and other health organizations, as well as local and federal government agencies, to help us respond properly. Our goal is to be conservative and well-prepared when it comes to the health and safety of our employees and customers. With this in mind, we have temporarily closed our lobby for transactions which can be easily handled through our drive-through windows. We are taking appointments if your banking needs require a face-to-face meeting. We strongly advise all of our customers to use our online and digital banking platforms for your general banking needs. Should we make additional adjustments to our operations that may impact you, we will let you know.