We’re Here for our Small Business Community!

Rely on CCBank to help guide your small business through these uncertain times. 

For over 25 years, CCBank has been here for our small business community, and we’re here for you now during this COVID-19 coronavirus pandemic. With the passing of the CARES Act, there are resources available to help your business with many of the financial burdens this pandemic has placed on you. It’s important to reach out to us at your earliest convenience! We are SBA lending experts, and we will help analyze your needs, your eligibility, and guide you through the application process.

Let’s work together to keep your small business healthy.

Get Assistance for Your Business with the SBA Paycheck Protection Program

The Paycheck Protection Program (PPP) is a new federal loan program created as part of the CARES stimulus package, to help small businesses that have been severely affected by COVID-19. To help you learn more about how you can benefit from PPP, we have created the following FAQ’s to provide answers to your questions.

What Business Expenses Can the PPP Loan Funds Be Used For?2020-04-01T18:00:58+00:00

The SBA Paycheck Protection Program provides small businesses with a loan to be applied toward payroll costs, interest on mortgages, rent, and utilities.

How Soon Will I Need to Start Paying on My PPP Loan?2020-04-01T18:00:58+00:00

Loan payments are deferred for 6 months.

Do I Need to Provide any Collateral or Personal Guarantees in Order to Qualify?2020-04-01T18:00:58+00:00

No collateral or personal guarantees.

What Are The Terms of The Loan?2020-04-03T15:40:58+00:00

Loan maturity of 2 years and an interest rate of 1.0%

Who Is Eligible?2020-04-01T18:00:58+00:00

You qualify if you are:

  • A small business with fewer than 500 employees.
  • A small business that otherwise meets the SBA’s size standard.
  • A 501(c)(3) with fewer than 500 employees.
  • An individual who operates as a sole proprietor.
  • An individual who operates as an independent contractor.
  • A Tribal business concern that meets the SBA size standard.
  • A 501(c)(19) Veterans Organization that meets the SBA size standard.

In addition, some special rules may make you eligible:

  • If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis.
  • If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company, the normal affiliation rules do not apply.
Source: U.S. Chamber of Commerce.
Information accurate as of 3.31.2020
How Much Can I Borrow, and How Will It Be Calculated?2020-04-01T18:00:58+00:00

Businesses can apply for loan amounts up to $10 Million. The amount should be calculated at 2.5 times the amount of your average monthly payroll expenses. Eligible payroll expenses include:

  • salaries
  • hourly wages
  • cash tips
  • employee group health care benefits
  • insurance premiums and retirement contributions.
Can the Economic Injury Disaster Loan (EIDL) be Used Along with a PPP Loan?2020-04-01T18:49:30+00:00

You can receive assistance through both the EIDL Program and the PPP Loan program for financial hardships caused by the coronavirus pandemic, but you must use the funds for different purposes. For example, if you are using PPP funds to cover utilities and rental expenses, funding received through EIDL must be used for other expenses, such as payroll or other business expenses.

We can help your business navigate through the SBA injury disaster loans available that could help you with working capital to help you get through prolonged but temporary losses in revenue. The SBA also has a debt relief program where the SBA will pay the principal and interest for a period of six months of new 7(a) loans issued prior to September 27, 2020.

Can Any Part of the PPP Loan be Forgiven?2020-04-01T18:46:54+00:00

Loans made through the Paycheck Protection Program may also be forgiven. If all employees are kept on payroll for eight weeks, the SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan can be forgiven. Talk to one of our experienced SBA lenders today to learn more.

Will The Forgiven Amount of My PPP Loan be Taxable Income?2020-04-01T18:00:58+00:00

No. This will not be considered as taxable income by the IRS.

 Information on this page is accurate as of March 31, 2020 and is subject to change.

If you would like more information on the CARES stimulus package or the Paycheck Protection Program (PPP) loan, please contact one of our local SBA experts:

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“If everyone is moving forward together, then success takes care of itself.”
– Henry Ford