Platinum Bank is Standing Ready to Support Our Clients and Business Communities

On Friday, March 27, 2020, legislation was passed and signed into law that will undoubtedly provide much needed support and relief for small business. The CARES (Coronavirus Aid, Relief, and Economic Security) Act is set to provide $2.0 Trillion in new spending to assist business and people as we battle through Covid19.

The Risk Management Association (RMA) has created a comprehensive CARES Act summary that can be found here.

What’s next?  Those new laws head to the agencies set to oversee them and committees whose job is to interpret them. Once authorized, the rules and guidance will be written and communicated to the Banks authorized to administer the program. Given the urgency to get dollars into small businesses hands, we expect those rules to be written very quickly.

How can your business be ready to go?  Make sure your financial records are up to date. This should include a detailed 12-month breakdown of your payroll records, as we believe this information to be the primary driver in determining the amount of eligible loan funds and amounts potentially forgiven under the CARES Act.

In the coming days, once these programs are ready, we will publish a checklist that will include all items necessary to move forward with application and funding under the CARES Act.

As a seasoned and preferred SBA lender – Platinum Bank will be ready when the programs are.

For more information, or to be added to these communications, contact one of our business bankers today at 651.332.5200.

Dear Friends and Clients,

To keep you apprised of the updates to the SBA Economic Impact Disaster Loans (EIDL) process that we shared with you earlier this week, the following supplemental information may help you to expedite the application process. Contact Platinum Bank to assist you along the way.

  • The SBA acknowledged that there are connectivity issues during the application process.  This is due to the heavy traffic currently going through those servers.  They stated that they are working to add more capacity to help with these issues.  In the meantime, they recommended:
    • Complete the PDF versions of the forms before beginning the electronic application.  This way you have all of information available and questions answered already, and can simply pull from the completed form.  This will reduce the amount of time you are in the electronic application and reduce the chances of losing connection mid-way through.  Access forms here:
    • Save the application often during the process so if you do get kicked out, you can jump back in where you left off.
    • If possible, access the application during “off” hours, primarily evenings/nights.
    • Use Microsoft Edge, if available, as that is the preferred internet browser (yes, it makes a difference!).
  • There is no place on the application form for the applicant to request a dollar amount.  This is determined during the underwriting/approval process.
  • The Borrower’s name on the application must read exactly how it reads on the Corporate documents.  Individuals names must also be exactly correct on the application (William vs. Bill).
  • SBA will determine the loan amount based on the applicant’s monthly business expenses, a review of the applicant’s balance sheet and liquidity position, and the guarantor’s personal credit history.
    • This amount can be modified after approval if it is determined that the applicant business requires additional funds.
  • After approval, the first $25,000 disbursement will be made available right away.  Any additional funds would only become available once all required collateral has been pledged.
  • Loans will be for a term of either 15 years or 30 years, to be determined by the SBA based on repayment ability.  There is no pre-payment penalty.
  • A business owner can use proceeds of the disaster loan to pay payroll to all employees, including themselves.  Owner salary should be included in their list of expenses, and SBA will allow owner salary to continue at a level consistent with what they had been paying prior to the disaster, as long as it is not deemed to be “excessive”.
  • The SBA Disaster Loan center can be reached at: (all one word) and the contact number is 1-800-659-2955.

As always, Platinum Bank is a resource for you and can assist you with questions and guidance during the application process. Contact us at 651.332.5200 or


Below is a link to the forms referenced above:

Additional questions can be directed to the SBA Disaster Assistance team at 800-659-2955 or

View this video for assistance in filling out the SBA form.






As businesses continue to navigate through the effects of COVID-19, it is important to know that there are valuable tools available to decrease the level of adverse impact to your company. This is a time of flux. Making sound decisions today will keep your business thriving and, as needed, create seamless transitions in the day-to-day operations of your organization.

While many service organizations are wavering in this pandemic, Platinum Bank’s strength and commitment to your business go uncompromised. We continue to offer a full suite of remote cash management tools and services for your business’s continued productivity and security. As many of you will be working from home, our 24/7 online services are available when and where you need them. And, we will continue to provide secure options and advice to you over the phone during our normal business hours, Monday – Friday, 7:30 AM – 5:00 PM.

Platinum’s full line of cash management products and services include:

  • Online Banking
  • Remote Deposit
  • Mobile Banking
  • Mobile Remote Deposit
    • ACH origination
    • Positive Pay
    • Merchant Services

    To connect with the department for your specific needs, contact:

    • Cash Management Services: 332.5215;
    • eServices: 332.5275;
    • Client Services: 332.5216;

    Platinum Bank is here for you. Contact me directly if you have any questions or concerns regarding your specific cash management needs. Thank you.

    Zach Busch
    Vice President – Cash Management
    651.332.5215 (direct)
    651.231.9619 (cell)

    As of Friday evening, March 20th, both Minnesota and Wisconsin small businesses are eligible to receive Economic Impact Disaster Loans (EIDL) from the SBA.

    Applications for these funds are being done directly through the SBA, and not through individual banks.  While Platinum Bank has no control over the timing, decision, terms, etc., we will be here for our small business clients to assist with the application or to answer any other questions during the application process.


    The applicant must be a small business or non-profit that has been directly impacted by the Coronavirus outbreak.  The business and its owners must have satisfactory credit and must be able to demonstrate the ability to repay the loan based on normalized operations.

    The small business applicant does not need to be a current SBA borrower in order to apply.  The funding is open to all eligible small businesses.

    Religious organizations, casinos, racetracks or other gambling facilities, or charitable organizations which would not be eligible for other forms of SBA financing are also not eligible for SBA disaster loans.


    • Loans are available up to $2,000,000
    • Interest Rate of 3.75% for small businesses, and 2.75% for non-profits
    • No fees for application or for the loan. Fees limited to any required fees for collateral perfection
    • Payments are deferred for the first 11 months. First payment is due 12 months from the Note date
    • Loan term of up to 30 years.


    For loans up to $25,000, there is no collateral requirement.  For loans over $25,000, the SBA will take the available collateral, including the company’s fixed assets, and personal real estate of owners/guarantors, in the best available position.

    Personal guarantees will be required of 20% or more owners.

    Use of Proceeds

    The proceeds must be used to keep the business operating through the disaster period.  This includes paying payroll, making rent and debt payments, paying vendors, etc.

    The goal of the program is to provide the necessary working capital for the business to pay expenses that would otherwise be paid through business operations had the disaster not occurred.


    SBA estimates that the total time needed is about 21 days, assuming a complete application package, under normal circumstances.  However, due to the anticipated increase in volume over the next weeks and months, that time estimate has been increased to 45 days.

    SBA stated that they are committed to streamlining the process as much as possible, and will be increasing staffing in the Disaster Loans area in hopes of speeding up the process.


    This is a direct loan from the Small Business Administration, and the application is made directly to the Small Business Administration.  Small businesses can apply at  The application is made online, and must also include the following forms/documents:

    • SBA Form 5 (legal entity applicant) or 5C (sole proprietor applicant)
    • SBA Form 4506T for applicant, guarantors, and affiliates
    • SBA Form 2202 (schedule of liabilities)
    • SBA Form 1368 (monthly sales history)
    • SBA Form 413 (personal financial statement) for all 20% or more owners
    • Current financial information, including most recent Business Tax Return, most recent fiscal year end financials, current financial statements (within 90 days), and most recent Personal Tax Return of all 20% or more owners.

    Information and tips on filling out the SBA application can be found here.

    The Platinum Bank team stands ready to answer any questions and to provide assistance with this and other needs your business may have.  Contact information for our entire business banking team can be found at


    We are all dealing with the dynamic and challenging events triggered by the coronavirus pandemic.  As a friend so very eloquently stated, “This is a defining life moment, and when you look back years from now, you’ll remember how you responded.  How you contributed to solutions”.

    When we look back, we want Platinum to be remembered as the resourceful, creative, collaborative and candid bank when businesses needed it most.  We understand there will be stress in all businesses and there is no playbook for what we are all dealing with.  Here is what we do know:

    • The 30 million small businesses in the USA are the backbone of our economy and employ nearly 60 million people.
    • Relationships matter and some of the strongest relationships are forged in times of stress.  Platinum is in a strong position to help.
    • In tough times, new opportunities present themselves that may not otherwise be seen.
    • We will get through these times together with stronger, more agile and smarter organizations.

    We look forward to servicing the needs of small businesses in 2020 and beyond.


    David Faust, CEO

    As things rapidly evolve and more preventative measures are being taken against COVID-19, we are making some changes to our operations. These decisions were done in accordance with social-distancing recommendations and our commitment to ensure the safety of our employees, clients and communities.

    In-Bank Deposits and Transactions
    As of Wednesday, March 18, our office lobby in Oakdale will be closed to foot traffic.  Our drive-up and night drop will remain open. Our Plymouth office lobby will remain open, but clients are strongly encouraged to use the Oakdale facility for depository needs to adhere to the recommended social distancing guidance provided by the Department of Health. Loan closing and client appointments that are best served through an in-person meeting will be made by appointment only.  Please contact your Relationship Manager to make those appointments as needed.

    Business Change Order Requests
    Businesses in need of change orders can contact our Oakdale or Plymouth locations at 651-332-5200 to place an order and schedule a pick-up.

    Besides our Oakdale lobby being closed, all other operations continue as normal. Platinum Bank is open for business and all on-line, electronic and mobile services will continue uninterrupted.

    Dave Faust

    Undoubtedly, you’ve heard about how a novel coronavirus, COVID-19, has been affecting communities, countries, and markets across the globe. As COVID-19 gains a foothold in the United States, we’re reaching out to reassure you that Platinum Bank’s primary concern is for everyone’s personal and business health and safety.

    Platinum Bank is closely monitoring COVID-19 developments locally and nationally, and is implementing recommendations by the Centers for Disease Control. We will continue to keep you and our employees informed and prepared if the virus disrupts normal business activities.

    In the meantime, here are a few ways you can continue to do business while keeping your team and greater community safe:

    1. Take advantage of our online and mobile banking technologies, which allow you to make deposits, transfers, and payments remotely, from the convenience of your business or home.
    2. Consider using our ACH services to make and accept payments without delay.
    3. Contact us for assistance with ACH services, mobile banking, debit cards or to update your contact information while working remotely at (651) 332-5200.
    4. Utilize our broad network of surcharge-free MoneyPass® ATMs.
    5. Use your debit card or mobile payments app instead of cash to reduce the chance of exposure to COVID-19.
    6. Practice common-sense hygiene, such as handwashing, to protect yourself and those in your community who are most at-risk from complications from COVID-19, including the elderly, immunocompromised, and those with chronic health conditions. If you’re feeling ill, stay home.
    7. Keep an eye on our website for further updates.

    Feel free to contact me if you have any questions regarding Platinum Bank’s attentiveness to this matter. Thank you.


    David Faust, CEO


    Most business leaders can identify with the feeling of panic that sets in when an employee unexpectedly quits, is out sick for an extended period of time, or misses work because of a family emergency. These situations can create risk for an organization when a proper succession plan is not in place. Preparing a succession plan today can ease the stress of dealing with these business disruptions when they arise.

    What Is Succession Planning?

    Simply put, succession planning is a people planning strategy to ensure operations run smoothly and without interruption when a key employee or leader has a temporary absence or permanently leaves the company. Succession planning does not have to be complicated; however, it should include various scenarios to circumvent the negative effects of both long and short term disruptions.

    A strong succession plan should answer the following questions:

    1. What are the critical tasks at the company and who is responsible for them?

    Sales, client servicing, accounting, processing payroll, taking client calls and safety.

    2. Who will take over these tasks in the event of a temporary or permanent absence?

    Do we have the staff with the time and knowledge to do the work? Do they want to do that work? Can the work be outsourced?

    3. Who needs to be involved with creating the plan and who needs to know the plan?

    How Does Succession Planning Mitigate Risk?

    Benjamin Franklin is credited with the saying, “If you fail to plan, you are planning to fail.” Many business leaders are too focused on running the business operations to consider the “what ifs”. They rationalize that they will figure it out on the fly. Other leaders may have a plan in their head but have not written it down or communicated it to the people who will need to execute it. Without a solid succession plan in place, leaders are forced to make decisions in moments of crisis, and most people do not do their best thinking in emergencies. A succession plan ensures that everyone understands their roles and responsibilities, is ready to implement the plan, and allows the leaders to keep their focus on the business.

    How Can Your Bank Help?

    As a true business partner, your banker should be a strong resource for attorneys, accountants and other professionals who have a broad range of experience dealing with personnel situations. They should also be able to connect you with the right professionals to help you create a succession plan that is right for your company.

    In our next succession planning article, we will share with you how a plan can help you build a stronger and more flexible business banking relationship, along with real life lessons learned from being unprepared for challenging business disruptions.


    Authored by David Faust, President and CEO of Platinum Bank. You may reach David at / 651-332-5214. Platinum Bank operates two locations in the metro area. Contact us to discuss the daily and complex matters that impact your business. Visit us at