PPP Resource Center

UPDATE: $310 billion in additional funding available in second round of funding for Paycheck Protection Program, effective April 24.

If you’re interested in applying for a PPP loan, give us a call and download our PPP Loan Calculation Worksheet.


Also, check out the following list of documents you’ll want to have in hand for your application:

  • 2019 IRS Form W-3 or 2019 IRS Form 940
  • AND Payroll Report (listing each employee and their 2019 total compensation) [inclusion of employer benefit and state/local payroll tax expense is optional for this program if you wish to maximize your eligible loan amount]
  • AND Documentation of Employer costs for Health and Retirement benefits
  • AND Documentation of Employer State/Local payroll tax expense
Partners with a K-1:
  • Partnership Income reported on a 2019 K-1 (1065) can be included in the business’ overall payroll cost calculation and is subject to the $100,000 cap. (use K-1 Box 14, less amounts in Boxes 12 and 13)
If Self-Employed:
  • 2019 IRS Form 1040 Schedule C
  • AND IRS 1099(s), invoices, bank statements or P&L establishing you are self-employed
  • AND 2020 invoice or other record to establish in business on/around Feb. 15, 2020
  • Net profit (Schedule C, Line 31) is subject to the $100,000 cap
If Seasonal Business:
  • Use payroll average from Feb. 15, 2019 – June 30, 2019
If New Business:
  • If not in business during the period beginning Feb. 15, 2019 – June 30, 2019, average payroll from Jan. 1, 2020 – Feb. 29, 2020

Please note that any new business customer to Community National Bank will also need to provide some basic info about your company:

  • A Taxpayer Identification Number
  • A driver’s license — first choice of ID
  • Certified articles of incorporation, including LLCs
  • Operating agreement
  • Government-issued business license
  • Partnership agreement (if applicable)
  • Trust agreement

*Beneficial ownership and control information must be collected for all new business accounts beginning May 11, 2018. An individual is a beneficial owner if they own 25% or more of the business entity. The control is the individual who has significant responsibility for managing or directing the entity on a regular basis. A New Business Account Questionnaire will be completed at account opening that collects information regarding business type, transactional behavior, privately owned ATMs, etc. Includes Sole Proprietor, Single Member LLC, Partnerships, LLCs, Corporations, and Trusts Transactions restricted by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) are prohibited from being processed through any commercial account.  This prohibition became effective on June 1, 2010.  Additional information can be obtained at (423) 365-8400.

Community National Bank successfully submitted 40 loans during the first round of funding, securing approximately $3 million for our business customers. 

What is the Paycheck Protection Program?

The Paycheck Protection Program is a $350 billion small business relief program created when The CARES Act — a COVID-19 stimulus bill — was written into law. The PPP is a joint program administered by the Small Business Administration (SBA) and the U.S. Department of the Treasury. It is designed to provide funds for businesses impacted by forced closures and slow consumer demand due to the spread of COVID-19. 

Read more about the Paycheck Protection Program

FAQs for PPP borrowers


Is Community National Bank an SBA-approved lender?

Yes. Community National Bank is an SBA-approved lender and an approved PPP lender.  


How do I apply for PPP funds?

The Small Business Administration has informed our lending team we can expect to begin electronically submitting applications for the Paycheck Protection Program. However, if you’re interested in applying for PPP funds, you can download the official SBA application for PPP funds, as well as our worksheet which will help you calculate your fund eligibility, and a supporting document checklist.

To apply, fill out the SBA’s application, give us a call and we’ll walk you through submitting your application for funds and what to expect.

We anticipate a high volume of applications. The sooner you gather your business’ info and return that info to us, the sooner we can submit your completed application with the SBA begins accepting applications. 

Want to talk to a Community National Bank lender? We’d be glad to take your call — reach out to any of our branches and say you’re interested in applying for a PPP loan, and our branch teams will connect you to someone in your area who will be glad to help. 


What are the requirements to apply for PPP funds?

All businesses with fewer than 500 employees can apply. 


More information about the PPP program, from the United States Department of the Treasury:

What other documents will I need to include in my application?

You will need to provide your lender with payroll documentation.

Do I need to first look for other funds before applying to this program?

No. We are waiving the usual SBA requirement that you try to obtain some or all of the loan funds from other sources (i.e., we are waiving the Credit Elsewhere requirement).

How long will this program last?

Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

How many loans can I take out under this program?

Only one.

What can I use these loans for?

You should use the proceeds from these loans on your:

  • Payroll costs, including benefits
  • Interest on mortgage obligations, incurred before February 15, 2020
  • Rent, under lease agreements in force before February 15, 2020
  • Utilities, for which service began before February 15, 2020

What counts as payroll costs?

Payroll costs include:

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit
  • State and local taxes assessed on compensation
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee

Does the PPP cover paid sick leave?

Yes, the PPP covers payroll costs, which include employee benefits such as costs for parental, family, medical, or sick leave. However, it is worth noting that the CARES Act expressly excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (FFCRA) (Public Law 116–127).Learn more about the FFCRA’s Paid Sick Leave Refundable Credit online.

How large can my loan be?

Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

How much of my loan will be forgiven?

You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the eight weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

You will also owe money if you do not maintain your staff and payroll.

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring: You 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 can I request loan forgiveness?

You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.

What is my interest rate?

1.00% fixed rate.

When do I need to start paying interest on my loan?

All payments are deferred for 6 months, however interest will continue to accrue over this period.

When is my loan due?

In two years.

Can I pay my loan earlier than two years?

Yes. There are no prepayment penalties or fees.

Do I need to pledge any collateral for these loans? No. No collateral is required.

Do I need to personally guarantee this loan?

No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***

What do I need to certify?

As part of your application, you need to certify in good faith that:

Current economic uncertainty makes the loan necessary to support your ongoing operations.

  • The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments.
  • You have not and will not receive another loan under this program.
  • You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan.
  • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law.
  • You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.


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