Greetings from CNB Bank-
We hope this email finds you and your family happy and healthy during this holiday season.
Earlier this week, President Trump signed into law the Consolidated Appropriations Act of 2021. This new stimulus bill will include a second round of Paycheck Protection Program (PPP) funding so that some of the hardest hit businesses can apply. It will also allow for first-time loans.
Below are some of the highlights of the bill in regards to PPP funding:
- Limited to those businesses with fewer than 300 employees.
- Must have a reduction in revenue for any 2020 quarter of at least 25% compared to the same quarter in 2019.
- Maximum loan amount will be 2.5 times average monthly payroll or $2 million, whichever is less. However, businesses in the restaurant and hospitality industries may be eligible for loans 3.5 times average monthly payroll up to $2 million.
- 501(c)(6) entities are generally eligible with certain limitations.
The Small Business Administration (SBA) has ten days to issue guidance on the application process. We anticipate the process will open mid-January but will provide you with regular updates on our website and via email.
Our team stands ready to assist you with your PPP needs. We thank you for your continued confidence in CNB Bank and we look forward to working with you in the future.
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