Coronavirus 2019-nCoV

SBA PPP Application Portal Closed

May 5, 2021 - Effective May 5, 2021, The Small Business Administration (SBA) Paycheck Protection Program (PPP) funding has been exhausted and the SBA PPP application portal is no longer accepting applications from Community Bank of the Chesapeake.  As a result, we will no longer be accepting or processing PPP loan applications. 

If you have questions please contact your lender, business development officer or loanassistance@cbtc.com

The information included is per SBA guidance as of May 5, 2021 and is subject to change. We continue to monitor any program updates.


 PPP Forgiveness Application Update

April 26, 2021 - Effective Monday, April 26, 2021, we will begin accepting forgiveness applications for PPP loans issued in 2021 through the CBTC PPP Portal. We will open our portal for your forgiveness application eight weeks after the settlement date of your loan. 

Beginning Monday, April 26, 2021 emails will be sent to customers who settled their loans on March 1, 2021 or before, inviting you to apply (this may take up to 48 hours). Please note, once received you have 72 hours to click the link to start your forgiveness application before your link will expire.  If your loan was settled after March 1, you will receive an email inviting you to start the forgiveness process roughly 8 weeks after your settlement date.  The forgiveness application will be submitted using the same portal as the initial PPP application.  Your sign-on information should remain the same.  If you need to reset your password, click the reset your password link at login. 

If you received your email to start forgiveness but are having an issue signing in or your link has expired, please reach out to loanassistance@cbtc.com.  The information below is provided to help answer common questions related to the forgiveness process.

Loans Under $150,000

Form 3508S has been issued for forgiveness applications for those borrowers who received a PPP loan of $150,000 or less.  Instructions for completing this form can be found here.

*Please note that when submitting SBA Form 3508S, supporting documentation is not required to be uploaded.  While documentation is not required to be uploaded, you are certifying there were no reductions in forgiveness amounts based on reductions in FTEs or employee salary or wages.  Please ensure you have the supporting information in your files in the event SBA performs a review. 

Loans Over $150,000

Loans over $150,00 can use the Form 3508 EZ or Form 3508 (Standard) form. Instructions for completing these forms can be found here for Form 3508EZ and Form 3508

The EZ form can only be used if you can make at least one of the following certifications:  

  • The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the covered period (other than any reductions that arose from an inability to rehire individuals who were employees on February 15, 2020, if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December 27, 2020, before the last day of the covered period), and reductions in an employee's hours that a borrower offered to restore and were refused).

  • The Borrower was unable to operate between February 15, 2020, and the end of the covered period at the same level of business activity as before February 15, 2020 due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued before the last day of the covered period), by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safely requirement related to COVID-19.

If making the certification that your organization did not reduce FTEs as the reason for filing the EZ form, FTE counts as of 1/1/2020 and the end of the covered period are required to be submitted with your forgiveness application.

If you make the certification that you were impacted by COVID and could not operate at normal levels, FTE count is not required to be submitted with your application.

If you cannot make at least one of the certifications, you must complete the Form 3508 (Standard) forgiveness application. 

With the Standard Application, FTE information is always required to be submitted with the application.  Average FTE information is required over two time periods, the covered period and the chosen reference period.

Note: The options for the referenced period are 1/1/2020 to 2/29/2020 or 2/15/2019 to 6/30/2019. For seasonal employers, either the above options or a consecutive twelve-week period between 5/1/2019 and 9/15/2019 would be the reference period.

Please remember that as of the date of a completed application (including all required documentation), CBTC has 60 days to complete the review. The SBA then has 90 days to review and provide a response to CBTC. Once notified of the decision by the SBA, we will share that with you. 

For those PPP recipients that have other Commercial Loans with CBTC, please forward your 2020 tax returns to financials@cbtc.com, if you haven't already. If you are unable to send a secure, encrypted email with the financial information, please contact Lending Administration at 240-427-1050. 

SBA has mandated that banks be responsible for reviewing, accepting and submitting the PPP loan forgiveness applications and supporting documentation to the SBA for forgiveness. In order to avoid a conflict of interest, Community Bank of the Chesapeake may provide only limited assistance in completing information or calculating data on your PPP Loan Forgiveness Application. You should check with your accounting, payroll and/or tax professional should you need additional help completing information or calculating data on your PPP Loan Forgiveness Application. The information included in this email is per SBA guidance as of April 23, 2021 and is subject to change. 
 

PPP Application Portal Open

April 1, 2021 - The PPP Extension Act of 2021, which extends the application period for PPP loan applications through May 31, 2021, has received final approval.  Effective today, April 1, 2021, the SBA is accepting PPP applications and will be doing so through May 31, 2021.

The CBTC PPP application portal has been opened and we are accepting applications.  We will submit completed applications to the SBA in the order received through the CBTC portal.  

If you have specific program questions, we encourage you to visit the links below for the most up to date information.  

If you have questions about how to apply or the status of your application, please contact your Lender, Business Development Officer or loanassistance@cbtc.com

The information included in this email is accurate as of April 1, 2021 and is subject to change. Please be aware that there may be changes to the program that may be issued after application submission that may result in required changes to your application.  We continue to monitor any program updates and will communicate those to you.

SBA PPP Application Deadline Update

March 16, 2021 - The Small Business Administration (SBA) is scheduled to stop approving new First Draw and Second Draw Paycheck Protection Program (PPP) applications effective March 31, 2021. As this deadline approaches, please see the notes below for program updates and guidance.

  • The deadline for submitting any PPP loan applications through the CBTC portal will be 5:00 p.m. Friday, March 19, 2021.  New applications will not be accepted or processed after that time.

  • Please note, submittal prior to the March 19, 2021 deadline does not guaranty the loan will be reviewed and submitted to the SBA, nor approved by the SBA, by the deadline. The SBA review of all applications is completed over time and not approved upon submission.

  • The PPP portal will remain open to customers and applicants after the March 19 deadline. In the portal you can view the status of your application, upload additional files, make requested changes, etc. 

  • If you have recently applied, please ensure you have uploaded all supporting documentation and submitted your signed application.  This will help expedite the review and submission process. 

We encourage you to continue to monitor this page for updates. Please visit the helpful links below to learn more.
Small Business Administration
U.S. Department of the Treasury

If you have questions about how to apply or the status of your application, please contact your lender, business development officer or loanassistance@cbtc.com

The information included in this email is per SBA guidance as of March 16, 2021 and is subject to change. We continue to monitor any program updates. We will revise our plan and deadlines as needed, and communicate to you, should any changes be made by the SBA. 

As a reminder, Community Bank of the Chesapeake cannot guarantee any loan requests submitted via the portal (regardless of when submitted) will receive funding from the SBA and a loan request may not constitute a completed application to the SBA.

PPP Small Business Application Period Update

 

February 24, 2021 - In order to help small businesses impacted by the pandemic, effective today February 24, 2021, the SBA will begin to accept applications for PPP loans from those businesses with 19 or fewer employees and sole proprietors only.  This application period will be limited to such businesses and in place through Wednesday, March 10, 2021. 

The below points include updates to the program and guidance for application.

  • Effective Wednesday, February 24, 2021, there will be a 14-day period during which only those small businesses with 19 or fewer employees and sole proprietors can apply for relief through the program.

  • During that timeframe, the SBA portal will not accept any applications where the number of employees is greater than 19.

  • Applications submitted during that time that do not meet the criteria will not be processed until the time period has expired and the SBA begins accepting such applications again.

  • Please note, this application period is only applicable to new PPP applications in process, and does not impact forgiveness applications.

  • If you have questions about how to apply, please contact your lender, business banker or loanassistance@cbtc.com.

  • Please visit the helpful links below to learn more.


PPP Application Portal Now Open


January 19, 2021 - As announced, the U.S. Department of Treasury and Small Business Association (SBA) have opened a third round of PPP stimulus lending.  We are now accepting applications through our PPP Application Portal.

The portal can be accessed through your Online Banking account.  To get started, please access your Business Online Banking account (visit www.cbtc.com) and select the PPP Application link, once logged in, in the header or footer. Either link will direct you to the portal to get started. 

If you are an existing customer but do not have access to Online Banking, please contact your banker for access.  If you need assistance accessing your online banking account, please reach out to Online Help at onlinehelp@cbtc.com

If you are not an existing customer and would like to apply for a PPP loan, please contact loanassistance@cbtc.com.   A member of our team will contact you to provide more information regarding the application process.

If you are considering applying in this round, please keep the following in mind:

  • Upon confirmation the SBA starts accepting applications today, we will start processing applications and submit to the SBA in the order they are received.

  • If you previously applied and received a PPP loan with Community Bank of the Chesapeake and you wish to apply in this round, you will need to include any certifications and required supporting information specific to this application.  The application and supporting documentation will all need to be completed/uploaded through the portal.   

  • For 2nd draw loans less than $150,000, Community Bank of the Chesapeake will require information to support the certification that demonstrates that gross receipts in any quarter of 2020 were at least 25% lower than the same quarter of 2019.

  • SBA has issued specific guidance on how to calculate the loan amount and required documentation for 1st and 2nd draw loans.  For assistance with calculating revenue reduction, maximum loan amounts and required documentation, please review the resources below. 

  • An application will need to be completed for any new request.

If you have any questions, please contact your banker.

SBA Releases Update on PPP Application Acceptance 


January 15, 2021 – The Small Business Association has provided updated guidance as it pertains to Round 3 of PPP stimulus lending.  Per the guidance, as a bank over $1.0 billion in assets, we expect to be able to start processing and submitting applications to the SBA on Tuesday, January 19, 2021.  Once we are approved to begin accepting applications and open our portal to start processing applications for our customers, we will provide next steps on how to access to start your PPP application.

PPP Round 3 Application Status

January 12, 2021 - The SBA, in conjunction with the U.S. Treasury Department planned to open this round of PPP applications, First Draw Applications only, Monday, January 11, 2021 to limited financial institutions, not including community banks like Community Bank of the Chesapeake.  Initial applications will be accepted from/opened to Community Financial Institutions that include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries.  It has not been announced when the SBA will accept applications from other financial institutions.  As soon as this has been opened and our application portal live, we will be opening the portal for applications.
 
In preparation for the acceptance of applications from our customers, please find the applications that will be utilized.  PLEASE NOTE these are for reference only at this time to allow you to familiarize yourself with the process.  An application will need to be completed for any new request as part of the input to our PPP portal.  However, drafting the application has been effective in streamlining completion of the portal as the information is complete and in one location.  Applications, once we begin accepting from customers, will be accepted through the portal. 
 
Updated First Draw Application Forms
•  Form 2483 – First Draw Borrower Application (Updated 1/8/21)
 
Second Draw Application Forms
• Form 2483-SD – Second Draw Borrower Application (Released 1/8/21)
 
If you previously applied and received a PPP loan with Community Bank of the Chesapeake and you wish to apply in this round, you will need to include any certifications and required supporting information specific to this application.  The application and supporting documentation will all need to be completed/uploaded through the portal.   
 
We encourage you to continue to monitor this page for updates.  If you have any questions, please contact loanassistance@cbtc.com or your banker.

PPP Amended Economic Aid Act  - Application Update


January 8, 2021 - As anticipated, the US Department of the Treasury and Small Business Association (SBA) have issued the initial Interim Final Rules on the Paycheck Protection Program as Amended by the Economic Aid Act. This includes separate guidance for First Draw and Second Draw PPP borrowers.  The rules outline program parameters, eligibility and include a comprehensive FAQ to assist in understanding the program, at this time. 
 
We encourage you to view the final rule documents as this is the most update to date guidance provided. The SBA and/or U.S. Department of The Treasury websites will be the best resource for program updates and resources.
 
We expect the SBA to begin accepting applications as early as late next week.  We are actively working to build the application portal, similar to the forgiveness portal, for customers to begin applying.  Once available, all new applications will be submitted via the portal. The portal will allow customers to apply for PPP funding, upload their application, required documentation and more.  We will notify you when this is live.  
 
We continue to monitor the program and will share updates with you, via email and our website, as soon as it becomes available. Please be sure to check http://www.cbtc.com/covid for updates.
 
If you have any questions, please don't hesitate to reach out to loanassistance@cbtc.com or your banker. 

PPP Funding and Stimulus Act Update

 

December 29, 2020 - The stimulus bill has been approved and signed into law. The Small Business Administration (SBA) is currently working to build and issue program guidance and processes. We anticipate guidance from the SBA in the coming weeks.  Once guidance has been issued, we will finalize our plan for acceptance of applications. 

 
Until SBA guidance is provided and the application process opened, we will not be accepting PPP loan applications.  Any new loan requests will need to be completed through the application process/portal, once launched, including completion of the required application and documentation.  All customers wishing to apply for a PPP loan will need to initiate the application process with the completion of such application. 
 
We will continue to keep you posted as we learn more and provide continued updates on our program here.  If you have any questions, please don't hesitate to reach out to loanassistance@cbtc.com or your banker.  

Pending PPP Funding and Stimulus Act


December 24, 2020 - We are committed to helping our customers through the financial impacts of the COVID-19 pandemic.  Whether through participation in the PPP program or other relief programs, we stand ready to continue to work with each individual customer. 

At this time, we are awaiting guidance on the pending legislation as it relates to PPP  and the next round of stimulus funding.  We continue to monitor the legislation and will share updates with you, via email and our website, as soon as it becomes available. Please be sure to check www.cbtc.com/covid for updates. 

If you have any questions, please don't hesitate to reach out to loanassistance@cbtc.com or your banker.

Thank you for choosing Community Bank of the Chesapeake as your banking partner. We look forward to continuing to work through this together. 

PPP Forgiveness Application and Portal Update


Thank you for trusting Community Bank of the Chesapeake with your PPP loan. 
 
Beginning today, October 30, 2020, we will begin accepting forgiveness applications for all PPP loans through the CBTC PPP Forgiveness Portal. Within the next 24 hours, you will receive an email from ESFSCMConfigurator@Fiserv.com with the link to access the portal and begin the forgiveness application process. 
 
To ensure you receive this email, and all portal communications, please be sure to add ESFSCMConfigurator@Fiserv.com to your address book or safe sender list.
 
The information below is provided to help answer common questions related to the forgiveness process.

Loans Under $50,000

Form 3508S has been issued for forgiveness applications for those borrowers who received a PPP loan of $50,000 or less.  Instructions for completing this form can be found here.

Loans $50,000 - $150,000
Form 3508EZ and/or Form 3508 forgiveness applications are to be completed for loans ranging from $50,000-$150,000. Instructions for completing these forms can be found here for Form 3508EZ and Form 3508
 
Loans Over $150,000
We continue to accept and process forgiveness applications for loans over $150,000. If you have not received your portal access or begun the application process, please contact loanassistance@cbtc.com to get started.
 
Important Notes:
As you review your forgiveness application submission, please keep the required Full Time Equivalent (FTE) calculation in mind.
 
EZ Application – FTE Sometimes Required

  • If making the certification that your organization did not reduce FTEs as the reason for filing the EZ form, FTE counts as of 1/1/2020 and the end of the covered period are required.

  • If you make the certification that you were impacted by COVID and could not operate at normal levels, FTE count is not required.

Non-EZ Application – FTE Always Required

  • Average FTE information is required over two time periods, the covered period and the chosen reference period. 

Note: The options for the referenced period are 1/1/2020 to 2/29/2020 or 2/15/2019 to 6/30/2019. For seasonal employers, either the above options or a consecutive twelve-week period between 5/1/2019 and 9/15/2019 would be the reference period.
 
Form 3508S Application - FTE Information Not Required  

Please remember that as of the date of a complete application, CBTC has 60 days to complete the review. The SBA then has 90 days to review and provide a response to CBTC. Once notified of the decision by the SBA, we will share that with you. 
 
Upon receipt of payment of funds from the SBA, we will also provide revised payment terms documenting your first principal and interest payment, if applicable. As guidance impacted repayment terms of the loans approved prior to June 5, 2020, CBTC will provide a Note Modification to borrowers at the time forgiveness is received by the SBA to clarify the repayment terms.
 
As a reminder, the deferral period for principal and interest payment was extended from 6-months after disbursement of the loan to 10-months after the end of your covered period, or the date on which the SBA remits the loan forgiveness amount to your lender, whichever is sooner. This means that your deferment period is extended and you do not need to make payments at the end of the 6-month deferment period that may be referenced in your PPP Note.

For those PPP recipients that have other Commercial Loans with CBTC, please forward your 2019 tax returns to financials@cbtc.com, if you haven't already. If you are unable to send a secure, encrypted email with the financial information, please contact Lending Administration at 240-427-1049. 
 
If you have any questions regarding your loan or the forgiveness portal process, please do not hesitate to reach out to loanassistance@cbtc.com.
 
SBA has mandated that banks be responsible for reviewing, accepting and submitting the PPP loan forgiveness applications and supporting documentation to the SBA for forgiveness. In order to avoid a conflict of interest, Community Bank of the Chesapeake may provide only limited assistance in completing information or calculating data on your PPP Loan Forgiveness Application. You should check with your accounting, payroll and/or tax professional should you need additional help completing information or calculating data on your PPP Loan Forgiveness Application. The information included in this email is per SBA guidance as of October 29, 2020 and is subject to change.  

For more information about the SBA Paycheck Protection Program, please visit the following resources:


FAQs
PPP FAQs - Updated October 7, 2020
Forgiveness FAQs - Updated October 13, 2020

Forgivness Forms
Forgiveness Form 3508S - For those loans under $50,000
Forgiveness Form 3508EZ and Instructions for Form 3508EZ
Forgiveness Form 3508 and Instructions for Form 3508

Additional Program Information and Resources
PPP Webinar Recording
SBA Interim Final Rule​
PPP Update and Forgiveness Webinar
Small Business Administration Website 
U.S. Department of the Treasury Website 


Ongoing COVID-19 Related Updates

Please visit nCoV Updates for a full listing of all COVID updates, changes in operations, PPP application/forgiveness updates and more.  This full listing includes all updates made.  


Beware of Possible Scams​

Coronavirus: Scammers follow the headlines

Scammers are taking advantage of fears surrounding the Coronavirus. They’re setting up websites to sell bogus products, and using fake emails, texts and social media posts as a ruse to take your money and get your personal information. The FTC shares more about these scams and how you can protect
yourself in this 2 part series.
 

  • The program extends the covered period for PPP loans from 8 weeks to 24 weeks from the date of disbursement with a mandatory end date of December 31, 2020.

  • The program will reduce the amount that the business must contribute to maintaining payroll from 75% to 60% in order to receive forgiveness.

  • The program extends the June 30 deadline to rehire workers to December 31, 2020.  It is important to note, however, that the law did not change how salaries are calculated towards forgiveness. The payroll calculation used in the loan application still applies to the forgivable amount.

  • The program extends the maturity period for unforgiven PPP loans made after the date of enactments to five years. The maturity will not be automatically extended but may be extended by mutual agreement of the lender and borrower.

  • Verification of full-time equivalent employees and their pay rates, including:

    • Payroll reports

    • Payroll tax filings (Form 941) 

    • Payroll, income and unemployment insurance filings from your state

    • Verification of any health insurance and retirement contributions

  • Verification (payment receipts, account statements, canceled checks) of eligible utility, rent and mortgage interest payments.

  • You'll need to certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible utility, mortgage interest and rent payments. 

Being a Local Bank

Being a local bank means our commitment is to the community.  From our customers to employees to local businesses, community is more than our name. 

We have the flexibility and autonomy to make decisions quickly. This is especially useful with our lending products. We want what’s best for you, which means offering competitive rates and flexible terms for smarter borrowing.

We provide top-of-the-line products to fit your lifestyle just right. With our online and mobile banking services, you have access to your accounts around-the-clock. Easily download our robust mobile app to deposit checks from your smartphone the moment you receive them for better cash flow management. Pay your bills and your friends and family from your phone too with Bill Pay and Person-to-Person payments.

Our products serve you now—and in your future. Plan for big expenses like a child’s education, a dream vacation or retirement with our savings accounts and wealth planning services.

Wherever life takes you, know that you’ve got a local financial partner passionate about providing the tools for better banking and better living.

Request an Appointment

To make an appointment with your banker or in-branch, please complete the form below.  We look forward to serving you.

Help us prevent spam

You are now leaving the Community Bank of the Chesapeake website. By clicking the 'I Understand' button below, you will enter a different website created, operated and maintained by a private business or organization. Community Bank of the Chesapeake is not responsible for the content, views, or privacy policies of this website. We take no responsibility for any products or services offered by this website, nor do we endorse or sponsor the information it contains. In addition, websites may change location, ownership and address frequently. Community Bank of the Chesapeake is not responsible for the accessibility of this link. Would you like to continue?

You are now leaving the Community Bank of the Chesapeake website. By clicking the "I understand" button below, you will enter our partner website. Please note, the website is created, operated, and maintained by Promontory. Community Bank of the Chesapeake, in partnership with Promontory, monitors the content and accessibility of this link. Would you like to continue?