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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 there are times that 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 CARES Act, PPP Loans, 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 are here for you, wherever you are.


First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Who can apply:
Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees — including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors — can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

Also eligible to apply for First Draw PPP Loans are businesses with a NAICS Code that begins with 72 (Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.



The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Targeted Eligibility: A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.


Top-Line Overview

First Draw PPP Loans

Second Draw PPP Loans


Borrower Applications

Updated First Draw PPP Borrower Application

Updated Second Draw PPP Borrower Application


Schedule C Borrowers

Updated Guidance

The SBA has released new loan calculations for Schedule C borrowers. The borrower can elect to use Gross Income (Line 7) rather than Net Income (Line 31) when calculating the average monthly payroll. If the borrower elects to use Gross Income, they MUST complete a separate application. The SBA has revised all of the borrower applications for new PPP loans, see attached. Please start using these in place of all other applications.

Use these applications for ALL borrowers (including Sch C borrowers that elect to use NET INCOME)

·        Form 2483 (First Draw - All other borrowers)

·        Form 2483-SD (Second Draw - All other borrowers)

Use these application for Sch C Borrowers, electing to use GROSS INCOME

·        Form 2483-SD-C (Second Draw - Sch C Borrowers only, electing to use Gross Income)

·        Form 2483-C (First Draw - Sch C Borrowers only, electing to use Gross Income)


First Draw loans - what does your Sch C Borrower need to know if their Gross Income is more than $150,000?

The CARES Act requires each applicant applying for a PPP loan to certify in good faith “that the uncertainty of current economic conditions makes necessary the loan request to support the ongoing obligations” of the applicant. Current guidance allows for a safe harbor providing that any PPP borrower, together with its affiliates, that received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.

Schedule C borrowers electing to use gross income to calculate their first-draw PPP Loan with reported gross income greater than $150,000 are excluded from safe harbor concerning the necessity of the loan and will be subject to additional SBA review. SBA may review their certification that “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” If SBA determines that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA may determine that the borrower was not eligible for the loan, for the loan amount, or for loan forgiveness.

SBA is eliminating the loan necessity safe harbor for these borrowers as they may be more likely to have other available sources of liquidity to support their business’s operations than Schedule C filers with lower levels of gross income. SBA will review a sample of the population of First Draw PPP Loans made to Schedule C filers using the gross income calculation if the gross income on the Schedule C used to calculated the borrower’s loan amount exceeds the threshold of $150,000. If the borrower exceeds this threshold, then SBA will, for the sample drawn, assess whether these borrowers complied with the PPP eligibility criteria, including the good faith loan necessity certification. This will serve as an additional deterrent to fraud, waste, and abuse because higher income borrowers that elect to use gross income rather than net profit to calculate their loan amount will face the prospect of a heightened review, which would include a review of their good faith loan necessity certification.

SBA is not applying this safe harbor exclusion to Second Draw PPP Loans, because those applicants are required to certify that they have realized a reduction in gross receipts in excess of 25% relative to the relevant comparison time period.

Other changes effecting all borrowers: The IFR removes a restriction on business at least 20% owned by an individual who was arrested for or convicted of a felony related to financial assistance fraud in the previous five years or any other felony within the previous year from obtaining PPP loans. It also removes a restriction on businesses at least 20% owned by an individual who is delinquent on student loan from receiving PPP loans. (This is reflected in the new application forms.)

01/02/21 PPP UPDATE:

On Sunday, December 27, 2020, the COVID-19 relief bill was signed into law and includes another round of PPP loans. This PPP Second Draw Program provides an opportunity for small businesses to apply for a second PPP forgivable loan. The proposed bill provides the Small Business Administration (SBA) approximately two weeks to issue the necessary guidance, rules and official forms to process PPP applications. Until then, we will do our best to keep you informed of how to apply for the PPP Second Draw program with us. 

In the meantime, here is the summary currently available on what to expect with this proposed second round of PPP:

Applicant Eligibility

  • Employ not more than 300 employees;
  • Have used or will use the full amount of their first PPP; and
  • Demonstrate at least a 25% reduction in revenue in any quarter of 2020 relative to the same 2019 quarter.
  • Borrowers may receive a loan amount of up to 2.5X the average monthly payroll costs in the one year prior to the loan or calendar year 2019.
  • Entities in industries assigned to NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5X average monthly payroll costs.
  • No loan can be greater than $2 million.

Loan Forgiveness

  • Borrowers of a PPP second draw loan would be eligible for loan forgiveness equal to the sum of their payroll costs, as well as covered mortgage, rent, and utility payments, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures incurred during the covered period. The 60/40 cost allocation between payroll and non-payroll costs in order to receive full forgiveness will continue to apply.


The SBA and Dept of Treasury will be working as quickly as possible to clarify and implement the policies, procedures, mechanisms, and timelines needed for any newly passed COVID-19 legislation. It is critical that we provide accurate, timely information, and we are committed to doing so. Please keep in mind that proposed legislation must be passed by both houses of Congress and Signed by the President of the United States before it becomes law.

We understand that the PPP loan forgiveness process is important to your business. If you received PPP funding through OMB, you will need to submit your forgiveness application through us as well.

SBA Forgiveness Applications: To date, SBA has provided 3 applications for SBA Forgiveness:

  • SBA Form 3508 – Borrower must use this form if they are not eligible to use Form 3508EZ or Form 3508S
  • SBA Form 3508EZ – Simplified version for loans greater than $50M. To qualify, the borrower must be able to check at least one of the three boxes on page 1 of the Form 3508EZ Instructions. If the borrower is not able to answer one of the three boxes on page 1 of the instructions, they must use Form 3508.
  • SBA Form 3508S – Streamline application for loans $50M and under.
    • A borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.
    • SBA Form 3508S is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages, that would otherwise apply.

How to Prepare:

Please review the information below and contact your OMB Community Banker if you have additional questions:

  • Understand the eligible cost (payroll, mortgage interest, rent payments and utilities)
    • If Payroll Costs alone are sufficient to receive FULL forgiveness of the loan amount, you do not need to include Non-Payroll Costs in the calculation nor do you have to provide Non-Payroll documentation.
  • Gather and keep records on eligible expenses – below is documentation that you will be required to submit to the bank with your forgiveness application.

Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:

  1. Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
  2. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
    1. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
    2. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
  3. Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.

Nonpayroll: Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.

  1. Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
  2. Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through Period verifying eligible payments.
  3. Business utility payments: Copy of invoices from February 2020 and those

Covered Period vs. Alternative Payroll Covered Period

  • Covered Period – 8-week or 24-week period starting on the date of the loan disbursement.
    • Loans approved prior to June 5th, borrower may elect to use 8-week or 24-week
    • Loans approved on or after June 5th must use 24-week
  • Alternative Payroll covered Period
    • Applies to payroll cost only.
    • Borrower may elect to use Alternative if they have biweekly or more frequent payroll.
    • Alternative Payroll Covered Period: 8-week or 24-week period that begins on the first day of the first payroll cycle following the loan disbursement date.

Compensation per employee is limited to $100,000 on an annualized basis.

  • 8-week a maximum of $15,385
  • 24-week a maximum of $46,154

Owner Compensation (across all businesses): Those with a 5% or more ownership will be subject to the owner-employee compensation maximum.

  • 8-week Covered Period – Capped at $15,385 or 8 weeks’ worth (8/52) of 2019 compensation (approximately 15.38% of 2019 compensation), whichever is less.
  • 24-week Covered Period –Capped at 2.5 months' worth (2.5/12) of 2019 compensation (approximately 20.83% of 19 compensation, whichever is less.

Please note the following changes in accordance with the Paycheck Protection Forgiveness Flexibility Act (PPPFA)

    • Drops the 75/25 payroll rule to 60/40
    • Provides a five-year maturity for loans made on or after June 5, 2020, and provides an option for loans made prior to that date to extend maturity from two years to five years at the mutual agreement of the borrower and lender
    • Extends the loan forgiveness period from eight weeks to 24 weeks (for loans made prior to June 5, 2020, borrowers may opt to keep the forgiveness period at eight weeks)


Please contact your OMB community banker if you have any questions. We will continue updating our website as more information becomes available. 

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.

Download Full Toolkit

Other Helpful Resources Available

SBA Disaster Assistance in Response to the Coronavirus

MO Dept. of Economic Development

Missouri COVID-19 Resources

CoxHealth COVID-19 Resources

Ozarks Food Harvest Response to COVID-19

Springfield Chamber of Commerce COVID-19 Resources

Springfield Public Schools

CARES Act for Coronavirus Relief

On Thursday, April 2, 2020, the Treasury Department issued final guidance for the Paycheck Protection Program, which starting this week will provide up to $349 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic.

Small businesses and sole proprietorships - generally, those with 500 or fewer employees - may apply for PPP loans with their bank starting on Friday, April 3; independent contractors and self-employed workers can apply starting April 10. PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.

For important information from the Treasury Department, including guidance and an application, please see the following links:

Information Guidance for Borrowers 

Application FormPDF Download

Learn more at

Please contact your Renasant Banker if you have any questions.

Last week the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act). The CARES Act created the Paycheck Protection ProgramPDF 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

Loan Terms:

  • 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

Loan Forgiveness:

  • 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. 

  • What are your hours of operation?
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    • Drive-thru hours are:
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        • Mon – Fri: 7:30am – 6:00pm
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        • Saturday: Closed
    • For directions to branch locations, visit our Locations page


  • Where are your ATMs located?
    • We have over 24,000 ATMs nationwide – find your closest MoneyPass ATM.


  • What do I do if I have lost my Debit Card?
    • No problem! Please contact your local branch or email us at [email protected] for quick assistance.
    • Our instant issue cards will be available for pick up at our South National – Springfield and Carthage drive-thru locations.
    • If we are mailing a new card, please expect arrival in 7 to 10 business days.
    • Don’t forget about CardValet – turn your Debit Card on and off from the convenience of your phone.


  • What do I do if I have forgotten my PIN or I want to change the PIN for my Debit Card?
    • Please call 1.800.992.3808 to reset or change your PIN.


  • What is my daily Debit Card withdrawal or purchase limit?
    • $1,005 is the daily limit for an ATM withdrawal.
    • $1,500 is the daily limit for a Point-of-Sale purchase.



  • What do I do if I need to reorder my checks?
    • For current customer reorders, please go here to easily and quickly place your reorder.
    • Please contact your local branch for assistance or email [email protected].


  • How do I request a stop payment?


  • What if I am locked out of Online Banking or have forgotten my password?
    • Please call our Electronic Banking team at 417-761-7181 or email our Electronic Banking team at [email protected].



  • How do I make a wire transfer?
    • All wire transfers will be made at our drive-thru locations during regular drive-thru hours.
    • If you are unable to visit a convenient drive-thru location, please contact your local branch or email [email protected] for assistance.


  • How do I make a withdrawal on my CD/IRA or access my safe deposit box?


  • How will transactions that cannot be performed at an ATM or drive-thru be handled?
    • Any transactions requiring additional assistance will be completed by appointment only during this time. Please contact your local branch or email [email protected].


  • How do I get a cashier’s check?
    • All cashier’s checks will be made at our drive-thru locations during regular drive-thru hours.


  • How do I open a new personal checking account, savings account or CD?
    • You can open a new account in minutes via our website – it’s easy!
    • Or, if you would like to meet with a personal banker, please contact your local branch or email [email protected] to make an appointment.


  • How quickly will my funds be available after a deposit?
    • Our general policy allows you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic direct deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then the funds will generally be available by the ninth business day after the day of deposit.