(COVID-19)Coronavirus Updates

Last Updated 07/29/2020: We will continue to update this page as new information becomes available.

 

Coronavirus Aid, Relief & Economic Security (CARES) Act

In response to the overwhelming impact of COVID-19 on small business owners, the Coronavirus Aid, Relief & Economic Security (CARES) Act, was recently passed by Congress and signed into law in order to provide federally-backed funding to small businesses and nonprofits in need.  The SBA has issued Forms 3508 and 3508EZ (linked below) with corresponding instructions for each.  To apply for forgiveness of your PPP loan, you (the Borrower) may use the applicable Form and complete the application as directed in the instructions, and submit it to your Lender.  This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form.  In addition, Borrowers must submit the required supporting documents outlined in the Instructions, including:

Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:
  1. Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
  2. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
  3. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
  4. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
  5. Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount (PPP Schedule A, lines (6) and (7)).

FTE: Documentation showing (at the election of the Borrower):
  1. the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019;
  2. the average number of FTE employees on payroll per week employed by the Borrower between January 1, 2020 and February 29, 2020; or
  3. in the case of a seasonal employer, the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive 12-week period between May 1, 2019 and September 15, 2019.

The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11. Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state. Documents submitted may cover periods longer than the specific time period.

Non-payroll: Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.
  1. Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
  2. Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
  3. Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.

Limestone Bank will provide an update when PPP forgiveness applications will start being accepted.  At this time, however, forgiveness applications are not being accepted by Limestone Bank, because the SBA has not made the submission portal available to Lenders.

This update is being provided as a convenience. This information does not, and is not intended to, constitute legal advice; instead, all information, content, and materials are for general informational purposes only. Limestone Bank does not assume, and expressly disclaims, any responsibility for these and any future updates to you. You should contact your attorney to obtain advice with respect to any particular legal matter herein. Limestone Bank gives no warranty and accepts no responsibility or liability for the accuracy or the completeness of the information and materials contained herein. All liability with respect to any action taken or not taken based on the content above are hereby expressly disclaimed.

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To Our Customers:


We understand you may feel a bit of uncertainty surrounding the spread of Coronavirus (COVID-19) in the US, and specifically, the communities we serve. We can assure you that at Limestone Bank the health and well-being of our customers, our employees, and members of the community are our highest priority. We are closely monitoring the evolving circumstances surrounding COVID-19 and following the recommendations from the Centers for Disease Control (CDC).
 
Below are number of banking services available to you:
  • *NEW* Curbside Banking is now available at select locations. Click here to learn more. 
  • Drive Thru banking: To find a banking center with drive-thru services nearest you, click here
  • Telephone banking: Available 24/7 at 877-238-7564.
  • Customer Resource Center (CRC): Speak directly with a member of our team by calling the CRC at 877-369-2265, open Monday-Friday 8a – 6p ET and Saturday 9a – 1p ET.
  • Online & Mobile Banking: If you haven’t done so already, enroll your online account, so you may begin accessing your account information from your computer. You may then download our mobile app from the Apple app store or the Google app store to access your account information on your mobile device.  

We're Here to Help.

At Limestone Bank, we’re dedicated to giving your money the security it deserves. Remember, the safest place for your money is inside an FDIC-insured bank. Your deposits at Limestone Bank are insured up to $250,000. Even though things may feel a bit uncertain right now, you will consistently be able to access your available funds whether its directly from a banking center, ATM, or via our suite of digital banking services. The FDIC recently published this FAQ document echoing the sentiment, and included a number of helpful resources for bank customers. 

Supporting our customers and keeping your money safe during these uncertain times is our top priority – that’s why we’re also reminding customers to guard against fraud and cyber criminals who are trying to take advantage during this time. Check out this resource created by the Federal Trade Commission, including tips on how to spot scammers. Keep your financial information safe, and if you ever have any concerns, please call us immediately.

We will continue to do our best to make necessary adjustments during this evolving situation, and we will provide you with any new information as necessary. 

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