CMB Covid Header Notice

ATTENTION BUSINESS OWNERS - Additional SBA PPP loan funding is now available. If you did not get a PPP loan from us during the first round and think you might qualify, please contact your Clear Mountain banker TODAY to get started.

For information on the government's Economic Impact Payments, please visit the IRS website. With this tool, you can see the date your payment is scheduled to be deposited in your bank account or mailed to you.

We are experiencing extremely heavy call volume due to COVID-19. While we’ve proudly been answering customer phone calls in person for more than 100 years, you may be greeted by an automated answering service and you may experience an extended hold time, but we are committed to answering your call as quickly as possible. We highly encourage the use of our electronic banking services during this time.

Use these links for our most up-to-date COVID-19 information.

BUTTON: Covid-19 Information for Personal Banking

BUTTON: Covid-19 Information for Businesses

BUTTON: Paycheck Protection Program (PPP) Information

BUTTON: Branch/Lobby Hours & Information

Paycheck Protection Program


Paycheck Protection Program

Definition of Payroll Costs

For purposes of qualifying for the Paycheck Protection Program (PPP) loan program through the Small Business Administration, payroll costs consist of:

  1. Compensation to employees (principal place of residence must be in the United States)
    1. Salary
    2. Wages
    3. Commissions
    4. Similar Compensation
    5. Cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips)
    6. Payment for vacation, parental, family, medical or sick leave
    7. Allowance for Separation or Dismissal
    8. Payment for the Provision of Employee Benefits consisting of health care coverage, including insurance premiums, and retirement
    9. Payment of state and local taxes assessed on compensation of employees
    10. For an independent contractor or sole proprietor – wage, commissions, income or net earnings from self-employment or similar compensation
  2. Expressly excluded from the definition of payroll costs:
    1. Any compensation of an employee whose principal place of residence is outside the United States
    2. The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary
    3. Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA and Railroad Retirement Act taxes, and income taxes required to be withheld from employees
    4. Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116-127)

Independent Contractors do not count as employees for purposes of PPP loan calculations, as they have the ability to apply for a PPP loan on their own.

NOTE: The regulations for the PPP loan require lenders to secure and retain “information demonstrating that a borrower had employees for whom the borrower paid salaries and payroll taxes on or around February 15, 2020.”

*This document is for illustrative purposes only and is intended to provide an estimated calculation of payroll costs. Final calculation of payroll costs is subject to determination by the Small Business Administration.

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