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Posted by Stephen C. McGill, President/CEO on Wednesday, April 1, 2020 in Announcements

During these uncertain times, the impacts to businesses due to Coronavirus or COVID-19 are prevalent. As a community bank, and your financial partner in business, we want to help provide you with the resources that are currently known and available.

Struggling to get started?

The following Questions might help point you in the right direction. Do you need:

Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated funds to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

Is your Business Eligible?
You are eligible 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
  • An individual who is self-employed who regularly carries on any trade or business
  • 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

Application Process:

State Bank & Trust Co. is an SBA-approved lender, eligible entities can obtain the application and begin the process of working with a State Bank & Trust lender.

PPP Forms Others Forms
Application - Updated 4/3/2020 Personal Financial Statement
Payroll Worksheet - Updated 4/3/2020
Information for Business Owner
Payroll Ledger - Updated 5/7/2020
PPP Overview

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