We’re Here for our Small Business Community!
Rely on CCBank to help guide your small business through these uncertain times.
For over 25 years, CCBank has been here for our small business community, and we’re here for you now during this COVID-19 coronavirus pandemic. With the passing of the CARES Act, there are resources available to help your business with many of the financial burdens this pandemic has placed on you. It’s important to reach out to us at your earliest convenience! We are SBA lending experts, and we will help analyze your needs, your eligibility, and guide you through the application process.
Let’s work together to keep your small business healthy.
Get Assistance for Your Business with the SBA Paycheck Protection Program
The Paycheck Protection Program (PPP) is a new federal loan program created as part of the CARES stimulus package, to help small businesses that have been severely affected by COVID-19. To help you learn more about how you can benefit from PPP, we have created the following FAQ’s to provide answers to your questions.
The SBA Paycheck Protection Program provides small businesses with a loan to be applied toward payroll costs, interest on mortgages, rent, and utilities.
Loan payments are deferred for 6 months.
No collateral or personal guarantees.
Loan maturity of 2 years and an interest rate of 1.0%
You qualify 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.
- 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.
Source: U.S. Chamber of Commerce.
Information accurate as of 3.31.2020
Businesses can apply for loan amounts up to $10 Million. The amount should be calculated at 2.5 times the amount of your average monthly payroll expenses. Eligible payroll expenses include:
- hourly wages
- cash tips
- employee group health care benefits
- insurance premiums and retirement contributions.
You can receive assistance through both the EIDL Program and the PPP Loan program for financial hardships caused by the coronavirus pandemic, but you must use the funds for different purposes. For example, if you are using PPP funds to cover utilities and rental expenses, funding received through EIDL must be used for other expenses, such as payroll or other business expenses.
We can help your business navigate through the SBA injury disaster loans available that could help you with working capital to help you get through prolonged but temporary losses in revenue. The SBA also has a debt relief program where the SBA will pay the principal and interest for a period of six months of new 7(a) loans issued prior to September 27, 2020.
Loans made through the Paycheck Protection Program may also be forgiven. If all employees are kept on payroll for eight weeks, the SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan can be forgiven. Talk to one of our experienced SBA lenders today to learn more.
No. This will not be considered as taxable income by the IRS.
We want to continue to offer the best in products and services to our clients as well as maximize operation efficiencies that our prior system didn’t allow. This core conversion is a major step in accomplishing both goals to better serve our clients.
YES. You will have the same bank account number(s) that you currently have for checking, savings, money market, CDs, IRAs, and loan products.
Yes. You may continue to your CCBank checks. Please contact us when you are ready for a re-order, and we’ll be glad to assist you.
Yes. You may continue to use your current debit card throughout the conversion and at all times after. You will not need a new debit card.
We do not anticipate there being any time you will not be able to access your funds by debit card or check. We planned the conversion over the weekend of June 13-June 14 to minimize the impact on you—while offering complete access to your funds. However, please carry an alternative form of payment during this conversion weekend in case CCBank experiences an unplanned disruption of service. For any issues during this conversion weekend, please contact your local branch office or firstname.lastname@example.org
Since your account number is not changing, all current direct deposits or automatic drafts will continue to be processed normally.
In order to make the switch to our new online banking system, we must temporarily limit the availability of online banking services during the upgrade period. The upgrade period will begin on June 13, 2020, at Noon—at which time online banking will become unavailable. Access to the new online banking system will be available on Monday, June 15 at 6:00 a.m. We sincerely apologize for the limited availability of these services during the upgrade period.
We will convert your existing bill pay information to the new system, except for business online customers who we will work individually through this conversion process. Bill Pay will be unavailable starting Thursday, June 11, 2020 at 7:00 a.m. while we convert your existing bill payment information to the new system. Our current system will make all bill payments scheduled for payment through Wednesday, June 17, 2020. Our new system will make all payments scheduled for payment on Thursday, June 18, 2020 or later.
- Mobile apps for business and personal clients
- Mobile Deposit Capture for business and personal clients
- Mobile Bill Pay will be available for business and personal clients
Additionally, our commercial clients can expect enhanced security measures for submitting ACH and wire transactions as well as an improved positive pay system.
While we hope this conversion is as seamless as possible for you, we’re here for you!
If you have any issues during this conversion weekend, please contact us at your local branch office or email@example.com
It is a randomly generated one-time code we provide. You enter it before completing certain transactions to prevent fraudulent transactions and unauthorized access to your financial information.
It is an extra layer of online banking protection that ensures that your funds and financial information are safe. By requiring the entry of a one-time code and the use of a phone you have on record with us, fraud is prevented even if an unauthorized user learns your online banking user ID and password. It also ensures that you are notified if an unauthorized user attempts to access your account information or complete transactions without your knowledge.
It is easy! We’ll give you the one-time code and you are asked to enter it when we call a number you have on record with us.