COVID-19 Updates

Paycheck Protection Program (PPP) Resources & PPP Loan Forgiveness Information

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 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 with corresponding instructions for each.  For loan amounts of $50,000 or less, the SBA has provided recently provided Form 3508S (Please note, a borrower may only use this form if the borrower received a PPP loan of $50,000 or less)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.
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.

We're Here to Help.

Rest assured, the health and well-being of our customers, our employees, and members of the community is our highest priority. We are closely monitoring the evolving circumstances surrounding COVID-19 and will continue to follow the recommendations from the CDC. 
 
 
Below are number of banking services and resources that may be of interest to you as we all do our best to stay safe and healthy.
We've added a new service to help keep our customers and employees safe — banking from the convenience of your car. Now available at select locations!
 
Learn more about Curbside Banking.
Monitor your transactions, transfer funds, and manage your account while at home or on the go — all without having to visit a banking center.
 
Visit our Online & Mobile Banking page to get started.
Bank by Phone (operating 24 hours a day): 877.238.7564
 
Report a Lost or Stolen Debit Card (operating 24 hours a day): 888.297.3416  
 
To speak with Limestone Bank team member directly, call our Customer Resource Center (CRC)877.369.2265 open Monday-Friday 8a – 6p EST and Saturday 9a – 1p EST.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Keep your finances safe.

At Limestone Bank, we’re dedicated to giving your money the security it deserves. Even though things may feel a bit uncertain this year, remember that the safest place for your money is inside an FDIC-insured bank.
 
 
 
 

Guard against fraud.

We're here to help remind you to guard against fraud and potential cyber criminals who are trying to take advantage during this time. Follow us on Facebook for scam alerts to be aware of, and resources to help keep you protected. And remember, if you ever have any concerns, please call us immediately.
 
 
 
 
 
 
 

Still have questions?

Learn more about the Coronavirus Aid, Relief, and Economic Security (CARES) Act by visiting the U.S. Treasury PPP Guidance Page.
 
 
 
 
 

Additional Resources

 
Get the latest updates from the Centers for Disease Control & Prevention (CDC).
 
 
Visit the official Team Kentucky source for information concerning COVID-19.
 
Access the Consumer Financial Protection Bureau (CFPB) for resources to help you make financial decisions.