Paycheck Protection Program

As an SBA Preferred Lender,

Bridgewater Bank is dedicated to supporting clients and Twin Cities' businesses affected by COVID-19 through the Paycheck Protection Program (PPP) and Economic Security (CARES) Act.

How to Apply

Please note loan demand is exceptionally high. Our goal is to be as responsive as possible to you as we work through a large volume of inquiries. We appreciate your patience. If you are not a Bridgewater Bank client, we encourage you to apply through your current financial institution to expedite the application process. 

To start the application process, please inquire through the button below. 

Federal Disaster Relief Loan (EIDL)

Bridgewater Bank is dedicated to helping our small business and private non-profit community during this time of uncertainty. If you are eligible for a government-backed Federal Disaster Relief Loan (EIDL), you can apply online at Please don’t hesitate to reach out to your lender with questions and reference our go-to guide below for all you need to know about this offering.

Economic Impact Payment

Looking for details on the Economic Impact Payment for consumers? Bridgewater is committed to helping you get the answers you need. For details on who is eligible, payment amounts and other frequently asked questions, please visit the IRS’s website below.


Q: Who is eligible?

Under the CARES Act, you are qualified if you are:
  • A small business with fewer than 500 employees
  • A small business in the accommodation and food services industries (NAICS Code 72) with more than one physical location, but no more than 500 employees at each location
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
Additionally, some special rules may make you eligible:
  • If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
  • If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply

Q: When can I apply?

At this time, the program’s earliest acceptance dates are:
  • Friday, April 3rd for small businesses and sole proprietorships
  • Friday, April 10th for independent contractors and self-employed individuals

Q: What documentation do I need to apply?

A Bridgewater Bank lender will let you know what documents are required after you email us to start your application process.

Q: What can a PPP loan be used for?

Proceeds from these loans can be used for:
  • At least 75% of funds are used for payroll costs, including employee salaries, paid sick or medical leave, and insurance premiums
  • Up to 25% of the loan may be used to cover other business expenses required to keep your business afloat, including mortgage interest, rent, utility payments and interest on loans incurred prior to February 15, 2020.
Forgiveness is based upon the employer keeping employees on the payroll or quickly rehiring employees and maintaining their salaries.

Q: What is the term of the loan?

2-year full payout loan with deferment period of 6 months, however interest will continue to accrue on PPP loans during this six month deferment.

Q: What is the interest rate?

Fixed rate of 1.00% with no pre-payment penalty.

Q: What collateral is required?

No collateral is required.

Q: If I applied for an SBA Economic Injury Disaster Loan, can I receive a PPP Loan?

In addition to the Paycheck Protection Program loan, the SBA is also offering an Economic Injury Disaster Loan (EIDL) to small business owners. You must apply for the EIDL directly through the SBA, and in most cases a business cannot qualify for both, although there are some exceptions. Learn more here: SBA Disaster Loan Assistance Program.

Please Note

This information is accurate and updated as of April 27th, 2020.  Please keep in mind these are general guidelines and subject to final rule making and eligibility requirements from the SBA. 

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