Greetings from CNB Bank-
We hope this message finds you well and your family safe & healthy. We’d like to update you on a few developments as we anxiously await final guidance from the Small Business Administration (SBA) around the Paycheck Protection Program (PPP) forgiveness process.
There are simple, bipartisan bills proposed to the House and Senate that would greatly streamline and simplify the forgiveness process. These bills, S 4117 and HR 7777, if passed, would forgive PPP loans of less than $150,000 with the completion of a one-page document. While we are hopeful these bills will pass, Treasury Secretary Steven Mnuchin has recommended borrowers with loans under $150,000 should not delay in completing the forgiveness application in the meantime.
Many of you have already completed your forgiveness application which has allowed our team to begin working through the next steps. If you have not completed your application, we encourage you to do so. This will allow our team the opportunity to address any questions or concerns and will be prepared when the SBA begins processing applications, which they have indicated could be as early as next week.
Customers who received PPP loans prior to June 5, 2020 are approaching the end of the original six-month payment deferral period, which followed early SBA directives. Starting next week, you will receive an email from your Commercial Banker regarding the extension of the payment deferral timeframe as described in the PPP Flexibility Act. Customers who received PPP loans on or after June 5, 2020 would already have the additional benefits afforded to you through the PPP Flexibility Act and no action is needed on your part.
If you have not yet received the link to begin the loan forgiveness process or would like us to resend your link, please let us know by responding to this email or by reaching out to your Commercial Banker. Our entire team stands ready to help you through the process. We’re right here.
As always, thank you for entrusting us with your banking needs and we look forward to working with you in the future. We will continue to update you as we are provided with guidance on these topics.
Mark D. Harrell
We’ll get through this, learn a great deal, and be better on the other side!
101 S. Washington Street | PO Box 130 | Berkeley Springs, WV 25411
20 W. Washington Street | Hagerstown, MD 21742
304-258-7392 Office| 301-491-4543 Cell