Safety Stripe

PPP Update: EXCLUSIVITY FOR BORROWERS WITH FEWER THAN 20 EMPLOYEES BEGINS WEDNESDAY FEBRUARY 24TH.  Learn More

Small Business PPP Loan Assistance

PPP Loan Portal is Now Open!

SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program – Taking Steps to Promote Equitable Relief for Mom-and-Pop Businesses

Effective Wednesday, February 24, 2021 beginning at 9 am, the Small Business Administration (SBA) will ONLY be accepting PPP applications from businesses and non-profits with fewer than 20 employees. This is effective for a 2-week exclusivity period and runs through END OF DAY March 9, 2021. PPP applications from borrowers who indicate they have 20 or more employees will be rejected during the two-week exclusivity period. Click Here for more information on this program.

 

IMPORTANT – PLEASE READ THROUGH THE INFORMATION BELOW BEFORE CLICKING TO APPLY. 

This round of the PPP is open to new 1st time PPP borrowers whose business was in operation prior to February 15, 2020 and will allow certain existing PPP borrowers to apply for a “Second Draw” PPP loan to be used toward job retention and certain other expenses. The program is authorized through March 31, 2021 or until the funding is exhausted, whichever comes first. We are proud to help our community through this process and look forward to working with you.

Who qualifies?
• New (1st Time) PPP borrowers
• Repeat (2nd Time) PPP borrowers

If you have received a PPP loan before, forgiveness is NOT required in order to apply for a 2nd PPP loan. However, you must have used all funds from a prior PPP loan before receiving the 2nd PPP loan.

How to apply – PLEASE READ CAREFULLY.

We suggest using internet browsers Edge or Chrome for the best experience.
Clear Mountain Bank has an Online PPP Portal. Once in the portal, you can:
• Apply for PPP funds
• Securely upload and view documents
• Track the progress of the application
• E-sign forms

  • To enter the portal, click on the “Start Your Application” button under the “Register and Apply for a new PPP Loan” heading.
  • DO NOT click the “Begin Forgiveness” button on this page as we are awaiting further instructions and guidance from the SBA to process these.
  • If you are a 2nd time PPP borrower, you will need your 1st PPP loan number given by the SBA. If your first loan was through Clear Mountain Bank, we can help you locate that number if you do not have your loan documents available.
  • The portal will guide you through the information needed, will calculate the amount of PPP funds you qualify for, and will determine the documentation that is required for submission.
  • As always, please call your Clear Mountain Bank loan officer if you have any questions during this process.

1st time PPP Borrowers
Who qualifies?

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or that meets the SBA industry size standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Maximum loan amount
    2.5x average monthly 2019 or 2020 payroll costs up to $10 million

2nd time PPP Borrowers
Who qualifies?

  • 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
  • Maximum loan amount
    2.5x average monthly 2019 or 2020 payroll costs up to $2 million (Most Borrowers)

For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million

More Details on PPP

Below are some highlights of the new program.

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

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.

If you have any questions, please contact a Clear Mountain Bank lender. 

As new information about the Paycheck Protection Program becomes available, we’ll provide updates here.

Read Our Reviews