Greetings again from CNB Bank -
I hope this email finds you doing well, and your family remains healthy. We wanted to share another update on the Paycheck Protection Program (PPP) and the current status of the forgiveness process.
Community banks continue to lead the way in PPP lending and CNB Bank is proud of the role we serve providing capital to employers saving thousands of jobs and providing economic stability for families throughout our communities.
You may be aware the Small Business Association (SBA) and the US Treasury publicly released detailed information regarding PPP loans. As a valued customer of CNB Bank, please know we are not voluntarily releasing this information. The decision to publish PPP borrower and loan information is a result of actions from Congress and the SBA and Treasury, which oversee and administer the PPP and are responsible for the program’s implementation, terms, and conditions.
As much of the PPP process has been complicated, the forgiveness portion is proving to be no different. Government officials continue to add, change, and update the PPP forgiveness guidelines. While we stand ready to accept your forgiveness applications through our cloud-based solution, the SBA Forgiveness Portal is not yet open. More details to come on this as we await the creation of the forgiveness system.
There is bipartisan support in the Senate for possible PPP automatic forgiveness for loans of $150,000 or less (S4117). As we understand the intent, it would provide much needed simplicity for small businesses by providing a streamlined forgiveness process for PPP borrowers. Stay tuned for more details on this topic.
We are closely monitoring all information related to PPP including the forgiveness process. CNB Bank remains committed to support local communities, promote economic growth, and preserve jobs during this challenging time.
Thank you for your continued confidence in CNB Bank as we navigate the everchanging COVID-19 environment. As always, please reach out to us if we can be of assistance in any way.
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