COVID-19 Updates, CARES Act, Resources & Community Support
During this challenging and uncertain time, our priority is providing our customers with the best service and support. Since you can't come to our lobbies for guidance, we will bring the bank to you with the assurance that we're here for you, wherever you are.
We've put together this portal with useful information about the new CARES Act, resources for you and your business, as well as community support information and helpful tips from 417 Magazine about supporting local businesses, staying connected and working from home.
We're all in this together, and together, we will be stronger than ever.
Small Business Relief
Small Business Customers, we are prepared to work alongside you and figure this out together.
There is no need for you to physically come to the bank for us to support you with the many relief options available through the CARES Act. We will gladly facilitate all necessary paperwork through our website, so you can easily initiate your relief application from your computer, tablet or mobile device.
To begin your Covid-19 Relief Application, please fill out the form that best applies on the link below. Our team will contact you as soon as possible.
OMB's Small Business Toolkit
Every day, we are committed to serving our small business customers. Now, when things are so uncertain, we want to support small businesses in every way we can. We have collected resources to help you navigate the changes, in easy-to-read downloadable guides - Learn More.
Paycheck Protection Program
The President signed into law the Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act). The CARES Act created the Paycheck Protection Program PDF Download (or PPP). Under this program, banks will be able to help offer small businesses relief in the form of forgivable loans guaranteed by the Small Business Administration (or SBA) to eligible small businesses in amounts up to $10 million (with the actual amount based on the borrower’s average monthly payroll and certain other costs in the previous year).
Paycheck Protection Program
- $349 Billion Small Business Administration (SBA) loan program
- Three month program administered by banks in partnership with SBA ending June 30
- SBA guaranteed
How it Helps You
- Provides an alternative to furloughs or layoffs to ride out the COVID-19 storm
- Allows eligible businesses to cover payroll, mortgage, rent, utilities
- Small businesses with less than 500 employees as well as non-profits, sole proprietors and independent contractors
- 2.5x the average monthly cost of payroll incurred over the last twelve months, not to exceed $10 million
- 1% maximum rate without pre-payment penalty and generally full deferral for up to one year of principal and interest for six months
- Unsecured and no guarantees required
- To be forgiven, loans must be used for payroll expense, mortgage interest, mortgage obligations, rent and utilities in the 8 weeks following disbursement
- Note: the amount subject to forgiveness is reduced if the borrower reduces its workforce or employee compensation
How to Prepare:
- Gather payroll documentation for 2019 and 2020 year-to-date
- After loan is funded, track 8 weeks of mortgage interest, mortgage payments, rent & utilities (loan forgiveness)
- Note: The CARES Act is unclear on (1) how a borrower demonstrates eligibility for a PPP loan and (2) the documentation needed to calculate the loan amount. The SBA guidance is expected to clarify these issues, thus borrowers should gather this payroll documentation now due to high demand
Please contact your OMB community banker if you have any questions. We will continue updating our website as more information becomes available.