Greetings from CNB Bank-
Much has changed since my last communication regarding the Paycheck Protection Program (PPP), but one thing has not—our commitment to you as an important advisor to our mutual clients. The reporting timeline was pushed back a couple of times and the process was slower to develop than the US Treasury and SBA originally suggested. However, CNB Bank was able to submit its pool of PPP loans on the first day possible. Just last week, CNB received its fees for originating these loans. We will be working diligently to deliver your portion to you.
Many financial institutions opted not to pay any fees or committed to pay less than the maximum permitted in the CARES Act. We recognize your assistance in this process may not be over as the forgiveness rules are complex and our mutual clients may need assistance from you and CNB. Therefore, we are committed to paying you the maximum allowed by law.
CNB has also decided to purchase a cloud-based solution to help clients with loan forgiveness. This solution will assist borrowers in the completion of the application, provide a secure portal for transmission of the required supporting documentation, and include e-sign capability.
This platform is free to your clients who have PPP loans with CNB Bank and will be available as early as next week.
On June 5
th
, Paycheck Protection Program Flexibility Act of 2020 became law. The
AICPA
overview of the legislation captures the changes well.
Once again, thank you for your trust in CNB Bank. On behalf of the entire team, we are appreciative of the opportunity to serve your clients.
Best-
Mark
Mark D. Harrell
President/CEO
We’ll get through this, learn a great deal, and be better on the other side!
101 S. Washington Street | PO Box 130 | Berkeley Springs, WV 25411
20 W. Washington Street | Hagerstown, MD 21742
304-258-7392
Office
|
301-491-4543
Cell
