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Resources for Businesses Impacted by COVID-19

Important Update: The Paycheck Protection Program (PPP) has reached the $349 billion cap outlined in the CARES Act. Until further notice, all new applications will be a "pending" status. The FSCB lending team will keep your application on file in the event that congress approves additional PPP funds. 

First State Community Bank is working hard to stay on top of the latest developments and resources that may be available to help businesses that have been affected by the COVID-19 pandemic. While we are doing our best to keep information up to date, the COVID-19 situation is constantly evolving and resources are changing daily. We will be continually updating this page as more information is available. 


Payroll Protection Program (PPP) – Frequently Asked Questions

When can I apply?

You may start the application process now by contacting your local lending team. 

How do I apply?
FSCB is diligently working to provide a digital application process which will be housed on our website. This application will streamline the process and get you much needed funds to operate your business. Please bookmark this page. Additional details will be posted here as soon as they become available. To get started, please contact your local lending team. 
What documentation will I need?

We are sensitive to your needs and understand the importance of timely meeting those needs. Obtaining proper documentation will be vital in providing timely service. We encourage you to be actively gathering key verification including:

  • Payroll documentation:
    • If you were in business February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs during that time period. If your business employs seasonal workers, you can opt to choose March 1, 2019 as your time period start date.
    • If you were not in business between February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs between January 1, 2020 and February 29, 2020.
    • If you took out an Economic Injury Disaster Loan (EIDL) between February 15, 2020 and June 30, 2020and you want to refinance that loan into a PPP loan, you would add the outstanding loan amount to the payroll sum.
  • Mortgage interest information
  • Lease/rents documents
  • Utility expenses

Record keeping has always been a key component for the ongoing success of a business. We encourage you to keep close records of the above expenses in order to maximize the benefits offered through this program.

What expenses can I utilize the loan proceeds for?
  • Compensation (salary, wage, commission, or similar compensation, payment of cash tip or equivalent)
    • If you were in business February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs during that time period. If your business employs seasonal workers, you can opt to choose March 1, 2019 as your time period start date.
    • If you were not in business between February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs between January 1, 2020 and February 29, 2020.
    • If you took out an Economic Injury Disaster Loan (EIDL) between February 15, 2020 and June 30, 2020and you want to refinance that loan into a PPP loan, you would add the outstanding loan amount to the payroll sum.
  • Payment for vacation, parental, family, medical, or sick leave
  • Allowance for dismissal or separation
  • Payment required for the provisions of group health care benefits, including insurance premiums
  • Payment of any retirement benefit
  • Payment of State or local tax assessed on the compensation of employees
What costs are NOT eligible?
  • Employee/owner compensation over $100,000. According to the SBA, the exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including:
    • Employer contributions to defined-benefit or defined-contribution retirement plans
    • Payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums
    • Payment of state and local taxes assessed on compensation of employees
  • Taxes imposed or withheld under chapters 21, 22, and 24 of the IRS code
  • Compensation of employees whose principal place of residence is outside of the U.S.
How do I get forgiveness on my PPP loan?
You must apply through your lender for forgiveness on your loan. In this application, you must include:
  • Documentation verifying the number of employees on payroll and pay rates, including IRS payroll tax filings and State income, payroll and unemployment insurance filings.
  • Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities.
  • Certification from a representative of your business or organization that is authorized to certify that the documentation provided is true and that the amount that is being forgiven was used in accordance with the program’s guidelines for use.
  •  
What are the loan terms, interest rate, and fees?
The maximum term is 2 years with payments deferred for 6-months. The maximum interest rate is 1 percent, with zero loan fees and zero prepayment fees.
How does the PPP loan work with the temporary Emergency Economic Injury Grants and the Small Business Debt Relief program?
Emergency Economic Injury Grant and Economic Injury Disaster Loan (EIDL) recipients may apply for and take out a PPP loan as long as there is no duplication in the uses of funds.


Economic Injury Disaster Loan Emergency Advance (EIDL) - Frequently Asked Questions

What Businesses Are Eligible
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
What costs are eligible?

This low rate loan can be used to pay:

  • Fixed debts
  • Payroll
  • Accounts Payable
  • Other bills that cannot be paid because of the disaster’s impact
How do I get forgiveness on my EIDL loan?
According to Small Business Administration (SBA), this loan advance will not have to be repaid.


Business Banking Solutions - Frequently Asked Questions

It's our goal to help you manage your business during this challenging time. That's why our Business Services team offers a variety of tools to help make conducting business fast and convenient. Please know that our business services team is here for you. For more information on any of our services please contact our team at 1-844-317-9505.

How can I continue paying my employees if I can’t deliver a check to them?

Business Services can help set you up with ACH to direct deposit your employees pay into their accounts. If you would like to learn more, please contact our Business Services team at 1-844-317-9505.

What are some ways, other than check writing, I could pay my bills remotely?

First State Community Bank offers a variety of solutions for your business whether that is making payments through credit cards, bill pay service, electronic payments, and wires.

 

How could I deposit my checks without going to the bank?

Remote deposit will allow you to continue your business operations whether you are still in office or at home. Our FSCB Remote Deposit app allows you to take a picture of your customer’s checks to deposit remotely. For larger check volume, you may need a scanner to deposit from your office or home.

How do I check account balances, make a transfer, and/or print a statement?

You can do all this and more through our FSCB Business Online Banking. If you currently do not have access to your accounts through our online banking, please contact your local branch team. 

What ways can I continue to allow my employees to work remotely who need access to my online banking and accounts?

FSCB Business Online Banking can be setup with multiple users and various access and controls for each user. If you would like help adding a user and/or managing their access to your online banking, please reach out to our Business Support team at 1-844-317-9505.