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. This next round of funding includes lending to first-time borrowers, as well as to second-time borrowers that received loans in 2020. We look forward to serving you. 

Please select the appropriate button below to get started.

How to Apply (Existing PPP Clients)

If you are a returning PPP client, please contact your CARES Loan Officer to begin the Round 2 PPP inquiry process. If you do not know your CARES Loan Officer's contact information, click here for a listing.

How to Apply (New PPP Clients Only)

Our goal is to be as responsive as possible to you as we work through inquires. We appreciate your patience. The deadline to apply for an SBA Second Draw PPP Loan is March 31, 2021. 

Please select the appropriate button below to begin the application process. 

First PPP Loan

Please inquire through the button below if this is your first time applying for a PPP Loan. 

Second PPP Loan

Please inquire through the button below if this is your second time applying for a PPP Loan.


Q: When can I apply?

Bridgewater Bank is currently accepting PPP Applications and submitting to the SBA as quickly as possible.

Q: Who is eligible for a second PPP Loan?

Borrowers are generally eligible for a Second Draw PPP Loan if the Borrower:

  • Previously received a First Draw PPP Loan and will use or has used the full amount for only authorized uses
  • Is a small business with fewer than 300 employees
  • Is able to show a 25% reduction in revenue in 2020 compared to the same calendar quarter in 2019

  • Your business cannot be permanently closed. If your business has temporarily closed, you should still be considered eligible 
  • Eligible business types include all business from Round 1 of PPP, as well as certain non-profits and other organizations that were excluded from Round 1

Q: How do I confirm a 25% reduction in revenue?

A Borrower must demonstrate they experienced a 25% reduction in gross revenue in a calendar quarter of 2020 when compared to the same calendar quarter of 2019. 

  • You will need to provide one quarter of financial information for 2019 as well as a matching quarter for 2020 to document this reduction in Gross Revenue.

    • For example, if you provide Q2 2019 financial information (April-June 2019) you will need to provide Q2 2020 financial information (April-June 2020). The 2020 quarter must detail a 25% reduction in Gross Revenue.

  • If you do not have quarterly financial information, you can provide annual financial information detailing at least a 25% reduction of revenue for the full year. 

    • This can be provided through internally prepared statements for application purposes, but you will need to provide relevant tax forms when applying for Forgiveness. 

Q: What documentation do I need to apply?

Your Bridgewater Bank Lender will let you know what documents are required after you begin the application process.

  • If you received your First Draw PPP Loan from Bridgewater Bank, please contact your PPP Loan Officer to begin the Application Process. 
  • If you did not receive your First Draw PPP Loan from Bridgewater Bank, please revisit the top of the page to get started. 

Q: What can a PPP Loan be used towards?

Proceeds from these loans can be used for:

  • Previously covered uses are still included:

    • Payroll costs, rent/mortgage interest and utilities 
  • Covered uses for Second Draw PPP Loans and new First Draw PPP Loans for first-time Borrowers include:

    • Operation expenses, property damage, supplier costs and worker protection expenditures 

Q: Do I have to complete the Forgiveness process for my Round 1 PPP Loan in order to be elgible for the Round 2 PPP Loan?

No. However, you must have used, or will use, the full amount of your Round 1 PPP Loan on eligible purposes on or before the expected disbursement date of your Round 2 PPP Loan.

Q: What is the term of the loan?

The Maturity date of Round 2 PPP Loans is 5 years. Payments will be deferred and will begin 10 months after the end of your Covered Period. 

Q: What collateral is required?

No collateral is required.

Please Note

This information is accurate and updated as of January 14, 2021.  Please keep in mind these are general guidelines and subject to final rule making and eligibility requirements from the SBA. 

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