Coronavirus 2019-nCoV
 

August 8, 2020 - The Small Business Administration deadline to apply for a Paycheck Protection Program loan was August 8, 2020.  Per SBA guidance and expiration of the application timeframe, we are no longer accepting PPP applications. 

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

FAQs
Small Business Administration website 
U.S. Department of the Treasury website 
Forgiveness Form 3508EZ and Instructions for Form 3508EZ
Forgiveness Form 3508 and Instructions for Form 3508


PPP Update and Webinar Recording

July 9, 2020 - Thank you to those that were able to join us for the PPP Update and Forgiveness Webinar.  To view the recording, either as a refresher or if you weren't able to join us, please click here.  If you have any PPP questions, please reach out to loanassistance@cbtc.com.  
 

PPP Application Deadline Extended to August 8, 2020

July 6, 2020 - The Small Business Administration deadline to apply for a Paycheck Protection Program loan has been extended to August 8, 2020. We are accepting PPP applications at this time, through expiration of the program.

PPP Application Deadline Passed

July 1, 2020 - The Small Business Administration deadline to apply for a Paycheck Protection Program loan was June 30, 2020.  Per SBA guidance and expiration of the application timeframe, we are no longer accepting PPP applications.
 

Paycheck Protection Program Updated Applications 

June 19, 2020 - This week the Small Business Administration released revised applications associated with the Paycheck Protection Program. Along with the revised borrower and lender applications, the SBA issued two applications for forgiveness, Form 3508EZ and Form 3508.

The "EZ" Paycheck Protection Program loan forgiveness application requires less documentation and fewer calculations than previously required. The streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portion of PPP borrowers. Instructions for completing the form can be found here.

Form 3508EZ applies to borrowers who meet any one of these three criteria:

  • Applied for the PPP loans as self-employed, an independent contractor or a sole proprietor with no employees.

  • Did not reduce salary or wages for any employee by more than 25% and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return. 

  • Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19. 

 

SBA also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act (PPPFA) and issued a new interim final rule that implements changes made by the PPPFA.  Instructions for completing the Form 3508 can be found here.

With the updated applications being issued, we are quickly working to update our online portal which will be used for receiving and processing applications for forgiveness. We cannot, however, accept or begin processing forgiveness applications until further SBA guidance is released. 

As we await SBA guidance, we will be scheduling a webinar for our customers to provide guidance on the application process, access to and use of the portal, forgiveness guidance and more. 

We continue to follow program updates and will provide information as guidance is finalized and released. We encourage you to visit the Department of Treasury and Small Business Association for more information. We will also be updating our resource page as we learn more.

Should you have questions in the meantime, please do not hesitate to reach out to loanassistance@cbtc.com.​
 

Paycheck Protection Program Flexibility
Act Information and Updates


June 9, 2020 - As regulation and guidance continues to evolve around the Paycheck Protection Program, we are sharing with you this most recent update.

On Friday, June 5, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief. The law, designed to ease many of the burdens placed on businesses that received PPP loans, includes the following updates.

While we have not received definitive guidance, we do expect a revised PPP Loan Forgiveness Application will be forthcoming.  We will share that with you when/if that is released.

For our existing Commercial Loan customers who received a PPP loan, please be reminded that the Internal Revenue Service (IRS) has extended the required filling date for tax filing to July 15, 2020.  If you have already filed your returns, please forward that information to financials@cbtc.com.  If you are unable to send a secure, encrypted email with the financial information to financials@cbtc.com, please contact Lending Administration at 240-427-1049 or 301-374-8720.

Once final guidance is provided, the CBTC PPP Forgiveness Portal will be deployed to help streamline and manage the loan forgiveness process.  We will schedule a webinar to assist you with the forgiveness process and portal access. We will keep you informed on the date and time of the webinar.

We continue to follow program updates and will provide information as guidance is finalized and released. We encourage you to visit the Department of Treasury and Small Business Association for more information. We will also be updating our resource page as we learn more.

Should you have questions in the meantime, please do not hesitate to reach out to loanassistance@cbtc.com.

 

Welcome Back! 


June 4, 2020 - Our hearts and thoughts go out to those who have been affected by Coronavirus. We want to give a special thank you to the dedicated healthcare and emergency service workers in our local communities. 

As we enter phase two in the Road to Recovery, we will be opening our branch lobbies effective June 8, 2020. All branch lobbies and drive-thru services will resume with the following business hours. 

Lobby: 9:00 a.m. to 4:00 p.m. M-Th
9:00 a.m. to 5:00 p.m. F
9:00 a.m. to 12:00 p.m. Sa
(exception Lusby branch, drive-thru only)

Drive-Thru: 9:00 a.m. to 5:00 p.m. M-Th
9:00 a.m. to 6:00 p.m. F
9:00 a.m. to 12:00 p.m. Sa 


Please note: Home Office (Waldorf) Hours
Lobby: 9:00 a.m. to 4:00 p.m. M-F

Drive-Thru: 9:00 a.m. to 4:30 p.m. M-Th
9:00 a.m. to 6:00 p.m. F


Please note: Fredericksburg Hours
Lobby: 9:00 a.m. to 4:00 p.m. M-F
9:00 a.m. to 12:00 p.m. S

Drive-Thru: 9:00 a.m. to 5:00 p.m. M-F
9:00 a.m. to 12:00 p.m. Sa

What to Expect: 
We will continue to take necessary precautions to ensure the health and safety of our employees and customers. 
1. Facemask will be required. We will provide you a facemask if you do not have one. 
2. Identity verification. As an added security measure, all customers will be asked to show valid identification prior to entering the building. 
3. Social distancing will be required. Signage in our lobbies will be provided to help facilitate social distancing regulations. 
4. Maintain regular cleaning and precautions to sanitize our facilities. 
5. No one with a fever or symptoms of COVID-19, or known exposure to a COVID-19 case in the prior 14 days, is permitted to enter the building. 

We recommend you continue to leverage our online tools for banking that is convenient and secure, without visiting a branch. Please contact your local branch if you have any questions.

We look forward to seeing you and thank you from all of us at Community Bank of the Chesapeake for your patience and understanding during these unprecedented times. 

PPP Loan Update and Forgiveness Guidance 

June 2, 2020 - Thank you for choosing Community Bank of the Chesapeake for your Paycheck Protection Program loan. As we approach and prepare for the forgiveness review, we would like to remind you of the importance of keeping detailed records of how you use your loan proceeds so you can maximize the PPP loan forgiveness. 
 
Please review the PPP Loan Forgiveness FAQ document for guidance and important information as it relates to PPP forgiveness. At this time, further guidance is pending and could impact the forgiveness process. As guidance and information continues to evolve and be released, we will be sure to update you. 
 
As a reminder, the 8-week covered period is effective the date you received your PPP disbursement, the date your loan was funded. Forgiveness applications will not be accepted or processed prior to completion of the 8-week period. 
 
The following documentation will need to be submitted with your PPP Loan Forgiveness Application. 

To streamline the transmission and management of the loan forgiveness process, we will be using the CBTC PPP Forgiveness Portal. This secure online portal, designed to make the review process secure, efficient and timely, will give you visibility throughout the process as to the status of your application, confidence in application security, provide digital document upload, verification checklists, a Resource Center and more.

As we finalize the portal build out and testing, we will provide further details on how to access and begin your review process online. 
 
As we receive new guidance and updated program information, we will share that with you. We encourage you to visit the Department of the Treasury and Small Business Association for more information. We will also be updating our resource page as we learn more.

Should you have questions in the meantime, please do not hesitate to reach out to loanassistance@cbtc.com
 

PPP LOAN UPDATE

May 18, 2020 - As guidance and information continues to evolve and be released, we will be sure to update you. We encourage you to visit the Department of the Treasury and Small Business Association for more information. We will also be updating our Resource Page as we learn more. Should you have questions in the meantime, please do not hesitate to reach out to loanassistance@cbtc.com.

Thank you.
 

Modified Drive Thru Hours

May 18, 2020 - Effective May 19, 2020 we will adjust our drive thru hours.  Branches will operate drive thru banking from
9:00 a.m. to 5:00 p.m. M-Th
9:00 a.m. to 6:00 p.m. F
9:00 a.m. to 12:00 p.m. Sa


Please note: Home Office (Waldorf) Hours
9:00 a.m. to 4:30 p.m. M-Th
9:00 a.m. to 6:00 p.m. F


Please note: Fredericksburg Hours
9:00 a.m. to 5:00 p.m. M-F
9:00 a.m. to 12:00 p.m. Sa


We invite you to leverage our online tools for banking that is convenient and secure, without visiting a branch. Please contact your local branch if you have any questions or to schedule an appointment. We are here to help.

COVID-19 Update 

May 15, 2020 - Our drive thrus remain open and we continue to help customers in the branches by appointment only. Our digital banking services are available and our team is ready to help when needed. Stay safe and stay well! 

To Our PPP Loan Customers

May 6, 2020 – Please find the revised PPP FAQ document dated May 5, 2020. This is the most up to date guidance we have received.  Please review for any new updates that may impact your PPP loan.
 
Specifically, FAQ #43 is time sensitive and updated from the previous release.  It grants a 7 day extension (now through May 14, 2020) to the period of time that PPP loan recipients can claim safe harbor from their certification that their business was impacted by economic uncertainty caused by coronavirus/COVID-19.
 
We will continue to share updates as they become available to us.  Please don’t hesitate to reach out to loanassistance@cbtc.com with any questions you may have.

May 5, 2020 - Thank you for allowing us to assist you with your Paycheck Protection Program (PPP) loan. We are committed to helping navigate these unprecedented times and next steps as it relates to PPP funding.
 
As you are most likely aware, SBA guidance continues to evolve and is periodically provided.  As your business banking partner and resource, we plan to begin a series of periodic communications to share program guidance as it becomes available to us. 
 
Please find the first in that series. This update includes SBA PPP FAQs, PPP Final Ruling and specific guidance regarding SBA review of individual PPP loan files.  Please take a moment to review this update as it is time sensitive.
 
We will continue to send additional information and updates as they come to us.  We also invite you to send us your questions so that we can find the answers to questions that you might have.  Please send your questions to loanassistance@cbtc.com.   In many cases, we are still waiting on final guidance ourselves but we will do our best to keep you all informed. 
 
Thank you for choosing Community Bank of the Chesapeake.

SBA Paycheck Protection Program Update and Resources

April 24, 2020 - We are committed to helping our customers navigate these unprecedented times and assist with PPP funding.  In anticipation that the Small Business Administration (SBA) will be accepting more PPP loan applications, Community Bank of the Chesapeake is accepting applications at this time. 

To aid in the application process, please find the SBA PPP Application Form and Borrower Worksheet, along with instructions for applying for the SBA Paycheck Protection Program through Community Bank.

If you are a CBTC customer and have already submitted your application, no further action is required at this time.  If we should need any additional information for your application, your banker/lender will reach out to you.  We will begin submitting completed applications when/if SBA begins accepting additional applications.

If you have not submitted your application, please follow the steps below.  

Step 1 - Complete the Paycheck Protection Program Application and the Borrowers Worksheet.
 
Borrowers Worksheet: Please complete the worksheet and include the required documentation validating any amounts included in the Monthly Payroll Calculations.  Please briefly describe the documentation provided with a description, for example, "IRS Form 941", "borrower payroll records", etc. Documentation must be provided for any amount certified by you as eligible for inclusion in the payroll costs.
 
Step 2 - Ensure you have completed the application and worksheet and included all supporting documentation.  Please be sure your CBTC Bank Representative is listed on the Borrower Worksheet to assist in processing and routing of applications.
 
In addition to the above-mentioned application and documentation, please ensure you have included the following:

2019 Form 941 (2019 Q1-Q4) and 2020 Q1
2019 Form 940
2019 Payroll Summary (verification of employee compensation not to exceed $100,000)
2019 Profit & Loss Statement
Self-employed – 2019 IRS Form 1040, Schedule C.  If 2019 IRS 1040/Schedule C is not filed, a draft of
Schedule C must be provided.

Step 3 - Please scan and email your package to loanassistance@cbtc.com.  Please ensure you have noted your CBTC Bank Representative on the Borrower Worksheet to assist in processing. 

If you have any questions, please do not hesitate to contact your banker.
 
All loans are subject to review and approval. PPP applicants should be aware that application processing times, application authorization and the availability of funds are not guaranteed and are dependent upon SBA processing and guidelines, as well as funding availability.  Community Bank of the Chesapeake makes no guarantees regarding application processing times, whether an application will be approved, or the availability of funds, as funds are limited and subject to availability from the SBA. 

Additional Disclosure Related to Paycheck Protection Program Application - You have the right to receive a written statement of the specific reasons for any denial.  To obtain the statement, please contact Community Bank of the Chesapeake, Attention: Lending Department, 3035 Leonardtown Road, Waldorf, MD 20601 or call toll free 888-745-2265 ext. 1069 within 60 days from the date that you are notified of a denial decision.  We will send you a written statement of reasons for the denial within 30 days of receiving your request. 

Modified Drive Thru Hours

March 30, 2020 - Effective April 2, 2020 we will temporarily adjust our drive thru hours.  Branches will operate drive thru banking from
9:00 a.m. to 5:00 p.m. M-F
9:00 a.m. to 12:00 p.m. Sa


Please note: Home Office (Waldorf) Hours
9:00 a.m. to 4:30 p.m. M-Th
9:00 a.m. to 5:00 p.m. F


We invite you to leverage our online tools for banking that is convenient and secure, without visiting a branch. Please contact your local branch if you have any questions. We are here to help.

Lobby Closures - Drive Thru Transactions Only


March 20, 2020 - To ensure the health and safety of our customers and employees and to help stop the spread of Coronavirus (COVID-19), effective Monday, March 23, 2020, all branch lobbies will be closed until further notice. We will be handling banking transactions through the drive-thru only or by appointment during normal business hours. To make an appointment, please call your local branch.


Bank Online and Through Our Mobile App 

 

We understand that some of our customers may wish to limit public interactions as much as possible. Please keep in mind that Community Bank of the Chesapeake offers convenient solutions to banking without visiting
a local branch.

We invite you to leverage these tools for banking that is convenient and secure. Please contact your local branch if you have any questions. We are here to help.

We will continue to closely monitor this situation and communicate with you. Please visit this page for continued updates, best practices and important information. For additional information on COVID-19, visit the Center for Disease Control and Prevention (CDC) at cdc.gov.

 

A Note From Us - COVID-19 Update


March 13, 2020 - Community Bank of the Chesapeake is committed to the welfare of our customers, team members and community.  Like many, we are proactively monitoring news and developments regarding the Coronavirus (COVID-19).  We feel it is important for us to provide you an update on our preparedness efforts and plans to help both protect our customers and make our banking centers and services available to you.   
 
What Are We Doing
 
We have a team of individuals closely monitoring COVID-19 and ready to implement contingency plans should they become necessary.  We have a comprehensive Pandemic Plan and team in place to ensure banking services and resources are made available to our customers. Our goal, and that of the plan, is to prevent any service disruptions and minimize customer impact. 
 
Our branches remain open with normal business hours.  Our teams are following CDC guidance for prevention, including washing hands, limiting social space exposure, keeping workspaces clean and sanitized and implementing remote work access plans.
 
Bank Online and Through Our Mobile App
 
We understand that some of our customers may wish to limit public interactions as much as possible.  Please keep in mind that Community Bank of the Chesapeake offers convenient solutions to banking without visiting a branch.
 
We invite you to leverage these tools for banking that are convenient and secure.  Please contact your local branch if you have any questions.  We are here to help.
 
•             Online and Mobile Banking for account monitoring, depositing checks, paying bills, making transfers, viewing credit scores and more at www.cbtc.com. If you are not currently enrolled in Online Banking, you can do so here, or enroll directly via our mobile app - download our app, CBTC Mobile, in your app store - Apple or Google
 
              Access Business Online Banking here or download the Business Mobile App here - Apple or Google 
 
•             Telephone Banking and Customer Support Center for account information and assistance can be reached at 888-745-2265. Email us at onlinehelp@cbtc.com with any questions.

The Support Center is available Monday - Thursday from 8:30 a.m. to 11:00 p.m., Friday from 8:30 a.m. to 9:00 p.m. and Saturday from 9:00 a.m. to 5:30 p.m.
 
•             Access to the Allpoint Network’s 55,000+ ATMs worldwide to withdraw cash 
 
We are committed to the financial success of our customers and businesses.  If you have any questions or concerns regarding your particular finances or are financially impacted, we stand by ready to work with you. Please do not hesitate to contact your banker with any concerns. 
 
We will continue to closely monitor this situation and communicate with you. Please visit this page for continued updates, best practices and important information.  For additional information on COVID-19, visit the Center for Disease Control and Prevention (CDC).
 
Thank you for banking with us.

William Pasenelli                               
Chief Executive Officer                     

James Burke
President


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.

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