Contact your local business lender to start the application process, or if you have questions about the program.
FIRST DRAW PPP LOAN
You can apply for a First Draw PPP Loan until March 31, 2021.
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.
Who may qualify
The following entities affected by Coronavirus (COVID-19) may be eligible:
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:
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
Berry Popp
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
CVNB is a bank built by the community and for the community. We are here to serve you. Learn more about us.
Banking today must work with your busy lifestyle. CVNB is now available right in your pocket!
Looking to purchase or refinance a home? Talk to CVNB about how we can get you the best rates around.
Put the pen down. With CVNB you can pay all of your bills online. What could be simpler?