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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 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 for updates.
If you have any questions, please don't hesitate to reach out to 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 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 for updates. 

If you have any questions, please don't hesitate to reach out to 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 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 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 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, 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
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:

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.

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