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2021 Paycheck Protection Program Extended Through May 31

In 2020 CNB successfully assisted over 4,100 local businesses secure funding through the Paycheck Protection Program (PPP). The Program strives to provide funding to primarily small businesses experiencing financial challenges as a result of the pandemic. CNB can assist with first and second draw applications, even if the initial PPP funding was from another financial institution. The deadline to submit PPP loan applications to CNB has been extended to May 31, 2021. All applications must then be verified by CNB and submitted to the SBA by June 30, 2021.

SBA Interim Final Rule (IFR)

SBA releases new interim final rule (IFR), effective March 5, 2021. Highlights of the IFR include: revised loan calculation formula for Form 1040, Schedule C sole proprietors, independent contractors, and self-employed individuals to use gross income (re: line 7) instead of net income (re: line 31), allowing for larger loan requests; this new calculation is applicable for new applications or loans not yet disbursed, not retroactive to disbursed loans; $1 billion has been set aside for PPP loans to businesses in this category who do not have employees and are located in low- or moderate-income areas; elimination of qualifying restrictions for small-business owners delinquent on their federal student loans or with prior non-fraud felony convictions.

Schedule C Filers

The new PPP application for Schedule C filers is live. For applicants where line 31 (net income) is $100,000 or more, the current available application can be used as it is not impacted by the new IFR. Click here to apply.

Please Note: CNB will be accepting applications through our online portal only. If you have already established a user name and password as part of the loan forgiveness application process for your initial PPP loan, you will use these credentials when accessing the First Draw or Second Draw Loan applications. Otherwise, you will be guided through the process to establish your credentials within the portal.

For more information and to apply for a first or second draw, visit