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SBA Paycheck Protection Program

 

Clear Mountain Bank SBA Loan Forgiveness

Clear Mountain Bank PPP Forgiveness Portal Registration Instructions

Clear Mountain Bank is very proud to have provided more than 705 Paycheck loans to small businesses during this very difficult time. We are equally committed to working closely with each of our borrowers to process forgiveness applications. We are excited to announce the launch of our Clear Mountain Bank Forgiveness Portal, which is preloaded with your information to streamline the process.

The PPP loan you took through us in 2020 is NOW ELIGIBLE to be totally or partially forgiven, but you will need to apply for forgiveness through CLEAR MOUNTAIN BANK’S LOAN FORGIVENESS PORTAL. It is especially important for those who received a PPP loan in April or May of 2020, to apply for forgiveness immediately as your no-payment period may be coming to an end.

We are here to assist you with the loan forgiveness process and documentation requirements you will need before you click the button to enter the portal.

IMPORTANT – INFO YOU WILL NEED TO ENTER IN THE PORTAL*:
• SBA loan number
• Date loan closed
• Principle amount received
• Exact name and TIN used on the PPP application

* All of this information can be found on the loan documents you received last year.

If you need assistance, please call your lender, the branch manager at your favorite branch or call us at 304-379-2265 and indicate you need help with a PPP Forgiveness Application.
As you enter the Forgiveness Portal at the link below, please use the 3508-S Form. The new 3508-S is the “simple” form and is the easiest to use.

If you have any issues with your login, please contact your Clear Mountain Bank lender or email PPPClearMountainBank@clearmountainbank.com.

Please take note of these special points about Portal Users:

  • NOTE: We suggest using internet browsers Edge or Chrome for the best experience.
  • Multiple individuals can create their own individual portal login for the same company, and share access to the forgiveness application.
  • One individual can access forgiveness applications for multiple loans. Follow the steps below for each loan and be sure to use the same email and password every time. You will then be able to toggle between different loans.
Step 1:

CLICK HERE to access the Clear Mountain Bank Forgiveness Portal

(We recommend the use of Edge or Chrome web browser)
To enter the portal, click on the “Begin Forgiveness” button under the “Register and Apply for PPP Loan” heading.

Step 2: Enter the Company Tax ID number or Social Security number of Sole Proprietors into the EIN or SSN box.
Step 3: Enter the SBA Loan Number (with no dashes) into the SBA Loan Number box. You can find the loan number at the bottom of page 4 of your loan Note document. This number will also be emailed to the primary signer on the loan documents.
Step 4: Click on “Find Your Loan” and verify it by selecting the correct loan amount.
Step 5: Complete your login by entering an email address and password.
(If you are accessing multiple loans, use the same email and password.)
Step 6: Choose the forgiveness app 3508-S as it is short and easy!

If you have questions, please use the secure communication function built into the portal to communicate with your Clear Mountain Bank forgiveness reviewer. If you have more general questions or if you have any issues logging in, please contact your Clear Mountain Bank lender or email PPPClearMountainBank@clearmountainbank.com.


Additional Resources

We have added the following sections for your reference.

Contact and support information

Please contact your Clear Mountain Bank lender or branch manager or email us at PPPClearMountainBank@clearmountainbank.com. You can also reach us by phone at 304-379-2265.

SBA & Treasury Guidance

Paycheck Protection Program Flexibility Act

SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP.  These modifications will implement the following important changes:

Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness.  Borrowers who have already received PPP loans retain the option to use an eight-week covered period.

  • Lower the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
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