April 30, 2020
April 10, 2020
Our country, as well as all countries, is faced with a historical pandemic. Our communities have rallied to support one another, to be responsible citizens and attempt to maintain a semblance of normal living. First National Community Bank is supporting the national effort outlined under the CARES Act and specifically the Payroll Protection Program. As this is written, we are now funding the requests from our customers who have applied. Please continue working with your Account Officer. All of our employees and Directors are committed to your success, and today especially that means responding quickly to your requests. Together we will get through this.
April 5, 2020
TO OUR VALUED CUSTOMERS:
As we have previously stated, the roll out of the CARES Act, and specifically the Payroll Protection Program has been evolving daily. The Act states April 3, 2020 to be the start date for applications for small businesses and sole proprietorships and April 10, 2020 for independent contractors, self-employed individuals. Last night, The Treasury Department and Small Business Administration provided an updated application form and changes to the previously announced program.
Some of our customers have completed previous version of the SBA Application Form 2483. All applications should be completed on SBA Application Form 2483 (04/20). Customers completing new applications will continue to be processed in the order they were originally received. You can access the EIDL application as well. General information is locate at SBA
Banks have been provided definition on verifications required by you, the borrower. Below is the current list of requirements. Additional documentation may be requested by the Bank upon receipt and review of these documents and/or changes in SBA Policies and Procedures for processing Payroll Protection Program loans.
- Employer's Quarterly Federal Form 941 for all of 2019; Employer's 2019 W-3 Statement or 2019 1099-Misc for independent contractors. Please note the bank will only use box 5a from Form 941 or box 3 of Form W-3 for the loan amount calculation.
- Certification of payroll with detailed listing of any employee income exceeding $100,000 on an annual basis.
- Certification that the applicant had payroll expenses as of 02-15-20.
- Certificate in Good Standing from the appropriate Secretary of State
- Validation of Federal Tax Payer Identification Number.
- Operating Agreement or Company By Laws showing authorized signers and a list of all ownership interest of applicant.
Our commitment is to keep you up to date with any information received upon submitting your application. Please be aware our nation is undertaking unprecedented actions and there remains considerable information to be dispensed. As always, please work with your Account Manager.
President & CEO