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Paycheck Protection Program Updates

March 25, 2021

May 5, 2021 - PPP Funds Exhausted

**UPDATE – Application Closed** We have received confirmation that PPP funds have been exhausted. Our application portal for new and in process loans is now CLOSED. The SBA is no longer accepting applications.

March 25, 2021 - Deadline has been extended for PPP Loans - May 31, 2021

The deadline to submit PPP loan applications to CNB has been extended to May 31, 2021. All applications must then be verified and submitted to the SBA by June 30, 2021.

March 19, 2021 - 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.

March 5, 2021 - SBA Interim Final Rule (IFR)  

SBA releases new interim final rule (IFR), effective today. 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.