Paycheck Protection Program (PPP)

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Paycheck Protection Program (PPP)

Contact your local business lender to start the application process, or if you have questions about the program.

FIRST DRAW PPP LOAN

Loan details
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5, 2020 have a maturity of two years. Loans issued after June 5, 2020 have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Who may qualify
The following entities affected by Coronavirus (COVID-19) may be eligible:

  • 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

Read full details on the SBA PPP Website

 

SECOND DRAW PPP LOAN

Loan details
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. 

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. 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.

Who may qualify
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

Read full details on the SBA PPP Website

Contact your local business lender

 

London - 606.878.7010

Ward Stokes

Michael Hacker

Elizabeth Sparks

 

Lexington - 859.268.1189

Rockie Mason

David Snyder

 

Richmond - 859.623.2243

Eric Vorseth

Jeremy Rigney

 

Berea - 859.985.1221

Dominique Martin

Bonnie Berry

 

Somerset - 606.676.0784

Mike Blount

Davin Roberts

 

Corbin - 606.528.3120

Jeannie Hensley

Diane McKeehan

 

 

 

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Why-CVNB-Photo-Couple

Why CVNB?

CVNB is a bank built by the community and for the community. We are here to serve you. Learn more about us.

block2_app

Download Our App

Banking today must work with your busy lifestyle. CVNB is now available right in your pocket!

Secondary-Mortgage-Loans-Click-Here-248x124-02

Click Here To Apply Online

Looking to purchase or refinance a home? Talk to CVNB about how we can get you the best rates around.

block4_billpay

Online Bill Pay

Put the pen down. With CVNB you can pay all of your bills online. What could be simpler?