January 8, 2020

We are thankful to have the opportunity to assist with the Paycheck Protection Program (“PPP”) Loans.

The December 27, 2020 stimulus bill included an extension of the Paycheck Protection Program  with another round of $284 billion in funding to help small businesses and self-employed individuals.

Commercial Bank and Trust Co. (“CBTC”) will once again be accepting PPP Loan Applications and would welcome the opportunity to assist you. We are still awaiting final guidance from the SBA/Treasury regarding details of the new round. We will continue to communicate updates as they become available.

If you did not take advantage of the first round of PPP funds, you may still qualify during this time.

At this time, we have the following limited information as it relates to qualifications for eligibility for “Second Draw PPP Loans”:

  • Borrowers must have less than 300 employees
  • Borrowers must demonstrate a revenue reduction (gross receipts) of 25% in any quarter of 2020 when compared to the same quarter in 2019 or for the full year 2020 when compared to the full year 2019 to be eligible
  • Maximum loan amount is $2 million
  • Expansion of eligible expenses

We will continue to inform you when more information is made available and when the SBA will begin accepting “Second Draw” Applications.

The bill also includes new guidance in regards to loan forgiveness. If you have not yet received forgiveness for your PPP Loan, the following information may be applicable to you:

  • Simplified Forgiveness application for loans under $150,000 including a one-page certification (This form is not yet available)
  • EIDL Advances will not be deducted from your PPP Forgiveness Amount

Please reach out to a CBTC Banker if you have any questions.

Thank you again for the opportunity to serve!


Mott Ford, Chairman and CEO

Commercial Bank Swoosh