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Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP)

Effective July 6, 2020 - The Paycheck Protection Program has been extended until August 8th or until funds have been depleted. CNB will be accepting applications until 5:00pm on August 3rd to allow for processing to be complete by August 8. CNB was able to help facilitate loans to 3,984 small businesses through this program representing $353,726,692 to date as of June 30. We are pleased to continue to support the small business community with this program.

April 24: An additional $310 billion has been added to the Payment Protection Program (PPP) funds offered through the Small Business Administration. We are currently accepting applications.

The Paycheck Protection Program is part of the CARES Act, and is designed to quickly provide funds to small businesses to meet payroll, so that they can keep their employees working or bring them back to work in cases where they have been temporarily laid off.

Canandaigua National Bank & Trust has delegated authority from the Small Business Administration (SBA) and is therefore able to provide PPP loans.


  • Businesses and Not-for-Profits can borrow up to 2.5 times their average monthly payroll costs for up to a maximum amount of $10,000,000. (Final loan amount will be verified by the lending institution.)
    • For calculation purposes, annual salaries of $100,000 or more are included, but are capped at value of $100,000.  
  • To qualify, a business must, in general, have less than 500 employees as counted by persons not full-time equivalents. 
    • Or, where applicable, the SBA size standard for employees within the industry that the borrower operates by NAICS code.   
  • Loan proceeds can be used to cover payroll costs, interest on mortgage payment, rent, utilities, costs related to the continuation of group health care benefits, as well as, interest on any Emergency Injury Disaster Loans (EIDL) acquired before February 15, 2020.

  • Outstanding balances of any Emergency Injury Disaster Loans (EIDL) obtained on or after January 31, 2020 can be refinanced under the PPP.

Paycheck Protection Program Loan Features and Benefits

  • No collateral required
  • No personal guarantees required
  • Interest rate 1.0%

  • No fees
  • Automatic payment deferral for 6 months
  • No prepayment penalty 
  • Loan Term:
  • For loans made before 6/5/2020: 2-year term (However, borrower and lender may mutually agree to modify the term up to 5 years for any amounts unforgiven.)
  • For loans made on or after 6/5/2020: 5-year term
  • Debt forgiveness provision available 
  • Loan forgiveness covered period is 24 weeks commencing on loan disbursement date.
  • If you complete a loan forgiveness application within 10 months after the end of your loan forgiveness covered period, repayment will not begin until either the SBA remits loan forgiveness payment to your lender or notifies your lender that no loan forgiveness is approved.

Paycheck Protection Program Loan Features and Benefits

  • No collateral required
  • No personal guarantees required
  • Interest rate 1.0%
  • 2-year term
  • No fees
  • Automatic payment deferral for 6 months
  • No prepayment penalty 

Canandaigua National Bank & Trust is committed to supporting the credit needs of our local surrounding community and to participate in development programs designed to meet the needs of all community members. If you are outside of our market area, we encourage you to contact your local financial institution for assistance. 

Apply online. Upon approval, loan proceeds will be electronically deposited into your CNB Business Checking Account. Please note: the deposit account title MUST match the Borrower Name on the Loan Note. 

BEFORE YOU SUBMIT YOUR APPLICATION, review all of your information carefully (legal name, title on application, tax identification number). Any errors or omissions will result in a new applications being required and a delay in moving it to the SBA portal.

If you have questions, please contact your branch representative or relationship manager. If you are not currently a CNB Business Checking customer, you will be directed to a branch representative to assist you in opening a new account prior to funding.

Application is closed.
Application approval is subject to input into the SBA portal and funds availability when the application is received by the SBA.

What information do I need to provide with the loan application:
  • 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
  • Payroll reports for a twelve-month period (ending on your most recent payroll date), which will show the following information:  
  • Gross wages for each employee, including officer(s) if paid W-2 wages
  • Paid time off for each employee
  • Vacation pay for each employee
  • Family medical leave pay for each employee
  • State and local taxes assessed on an employee's compensation
  • 1099s for independent contractors for 2019
  • Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan
  • Include all employees and the company owners
  • Document the sum of all retirement plan funding that was paid by the company owner(s) (do not include funding that came from employees out of their paycheck deferrals.)
  • Include all employees and the company owners
  • Include 401K plans, Simple IRA, SEP IRA's

Debt forgiveness provision details and required documentation (Online Forgiveness Application Coming Soon):

Borrowers will be eligible for debt forgiveness on these loans in an amount equal to loan proceeds that were used to pay for the following:  

  • Payroll costs; maintaining or quickly rehiring employees and maintaining salary levels is of high importance.
  • Any payment of interest on a covered mortgage obligation
  • Any payment of rent made under a lease obligation that was in place before February 15, 2020
  • Utility payments for electricity, gas, water, telephone, or internet access as long as the service began before February 15, 2020

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll). Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. For more details visit

Additional documentation required for debt forgiveness:

  • Documentation verifying the number of full-time equivalent employees on payroll and pay rates including: 
    • payroll tax filings reported to the Internal Revenue Service
    • State income, payroll, and unemployment insurance filings 
  • Documentation, including canceled checks, payment receipts, transcripts of accounts, or other documents verifying payments on covered mortgage obligations, payments on covered lease obligations, and covered utility payments.
  • A certification from a representative of the eligible recipient authorized to make such certifications that: 
    • the documentation presented is true and correct 
    • the amount for which forgiveness is requested was used to retain employees, make interest payments on a covered mortgage obligation, make payments on a covered rent obligation, or make covered utility payments