Business
COVID-19: Business Loan Relief
 |
Business Loan Payment Deferral Program*
Business Credit Card Payment Assistance*
Let us help. Contact us.*Restrictions may apply
|
Paycheck Protection Program
The application deadline was August 7th, 2020. CSB is no longer accepting applications. If you have questions about an existing PPP loan, please contact your lender.
Paycheck Protection ProgramThe Loan Forgiveness ProcessThe Paycheck Protection Program Flexibility Act (PPPFA) was signed into law on June 5th and made changes to the Paycheck Protection Program.
Overview of Key ChangesEffective with the PPPFAFlexible Loan Forgiveness PeriodsExtends the Paycheck Protection Program (PPP) loan forgiveness period to include costs incurred over 24 weeks after a loan is issued or through Dec. 31, 2020, whichever comes first. Businesses that received a loan before the changes were passed may elect to apply the original eight-week covered period.
Extended Employee RehireThe period in which loans can be forgiven if businesses restore staffing or salary levels is extended from June 30 to December 31, 2020. This provision applies to worker and wage reductions made from February 15th through April 26th. The PPPFA also created certain exemptions to loan forgiveness amount reductions, which are detailed in the loan forgiveness application.Relaxed PPP Loan Use RestrictionsRequire at least 60% of forgiven loan amounts to come from payroll expenses instead of the original 75%.The SBA has been issuing new guidance and clarifications to financial institutions on a frequent basis, so this information is subject to change. For more information concerning the Paycheck Protection Program and loan forgiveness, please refer to theUS Department of Treasury. |
Loan Forgiveness ResourcesIf you have not yet been contacted by us and you would like to talk to a lender about the forgiveness application process, please contact us.
Your lender will be available to assist you with the process, and we recommend that you use the loan forgiveness application as a guide to start preparing the documentation that will be required.
|
|
|
COVID-19 Economic InjuryDisaster LoansThe SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans are provided directly through the SBA and you will work with them to apply. For more information, please review the following SBA resources:
|
U.S. Small Business Administration (SBA)Small Business Development Center |
We realize this may be a challenging time for many of our local businesses. The situation surrounding the Coronavirus (COVID-19) and its impact is changing rapidly, and there is a constant stream of information to process.
We are committed to helping our customers by providing relevant information and assisting in exploring options. The U.S. Small Business Administration (SBA) is launching loan programs to assist businesses and our local Small Business Development Centers can help your business navigate the process.
During this time, we are here to help you and your business. We encourage any customer who is in need of assistance to please contact us.
|