Safety Stripe

At Clear Mountain Bank, the safety of our customers, team members, and community is our highest priority. At this time, our branch lobbies are operating with limited access. Our COVID-19 resource page is provided to help you remain informed on the changes, frequently asked questions, and how to bank without coming into the branch.

Small Business Header Stripe

Small Business Relief:
PPP loan application deadline extended until August 8th with $130 billion in remaining PPP funds. We are here to help you with the application and forgiveness process. Learn More.

Small Business PPP Loan Assistance

PPP Loan Deadline Now August 8th 2020

The Paycheck Protection Program (PPP) resumed accepting applications July 6, 2020, in response to the Paycheck Protection Program Extension Act. Money is still available. We stand ready to assist you with the application process in preparation to submit the necessary paperwork.

If you did not get a PPP loan and think you might qualify, please contact a Clear Mountain banker TODAY to get started. We cannot guarantee any loan application will get approved until the application is entered and approved by the SBA.

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

 

Clear Mountain Bank’s
Small Business Loan Assistance

If you obtained a SBA Paycheck Protection Program loan through Clear Mountain Bank, we have compiled a document with very important information pertaining to the forgiveness portion of the loan. Click below to learn what documentation may be needed and what you will need to do to save money.

What you need to know:

  • Loan proceeds must be spent within 8 weeks of the date of the loan note.
  • The borrower must maintain the same number of employees throughout the eight-week period.
  • At least 75% of the loan proceeds must be spent on eligible payroll expenses.
  • Other eligible expenses are outlined in the application document.



Small Business Loan Resources


Small Business Guide

From the
U.S. Chamber of Commerce

Fact Sheet

From the
U.S. Department of the Treasury

COVID-19 Small Business Guidance & Loan Resources

From the
U.S. Small Business Administration

Agencies Announce PPP Certification Safe Harbor

Updated May 13, 2020 (Questions 46-47)

SBA and Treasury Department announced a safe harbor that will apply to reviews of good-faith certifications concerning the necessity of Paycheck Protection Program loan requests.

In the latest update to their frequently asked questions on the program, the agencies said any borrower that, together with its affiliates, 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.

The agencies said:
• Borrowers with loans below this threshold are generally less likely to have access to adequate sources of liquidity, and the safe harbor will promote economic certainty for them.
• The SBA previously said all PPP loans over $2 million—and other loans as appropriate—will be subject to review.
• Borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification.
• If SBA determines that a borrower lacked an adequate basis for the required certification, it will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness.
• If the borrower repays the loan after receiving notification from SBA, the agency will not pursue administrative enforcement or referrals to other agencies.
• SBA’s determination on these certifications will not affect its loan guarantees, which remain in place.



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