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SBA Paycheck Protection Program Loans

Program Overview

  • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 
  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. 
  • This loan has a maturity of 2 years and an interest rate of 1.00%. All payments are deferred for six months.

Who Can Apply

  • This program is for any business with less than 500 employees (including sole proprietorships, independent contractors, tribal businesses and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
  • Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
  • Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.
  • At this time, NCB is taking applications from current commercial loan and deposit customers, cooperative businesses and businesses in Highland County, OH. 
  • Unfortunately, housing cooperatives, condo associations, and homeowner associations are not eligible for this program. 

Loan Details and Forgiveness

  • Small businesses are eligible to borrow up to two and a half months of payroll costs with a maximum of $10 million.  (Note: there is a per employee payroll cap of $100,000 annualized and other limitations).
  • The loan will be fully forgiven if the funds are used solely for payroll costs, interest on mortgages, rent, and utilities, At least 75% of the forgiven amount must have been used for payroll.
  • Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor NCB will charge any fees.
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
  • Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease by more than 25% for employees making less than $100,000.
  • You will have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020


How To Apply