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KCB Covid-19 Resource Center

Information on Financial Aid Programs Due to Covid-19 and Deposit Account Safety ...Learn More


KCB Covid-19 Resource Center


SBA – Small Business Payroll Protection Program (PPP) 

Online Application for SBA's Payroll Protection Program

Downloadable PDF Application for SBA's Payroll Protection Program.

Also, a spreadsheet is available to aid in the calculation of the allowable loan amount by clicking the SBA - Covid-19 Small Business Payroll Protection Program Tab

The benefits afforded small business owners in CARES Act Payroll Protection Program (PPP) that was passed by the federal government recently are not available at this time.   PPP is being administered by the Small Business Administration and authorized lenders are waiting for the agency to draft the rules under which they must comply when originating the PPP loans.  The rules are supposed to be published by Friday, April 3rd at which time businesses can fully apply.  Self-employed individuals can fully apply starting April 10th.   However, you may apply now using the options above to get the process started.  In the meantime, this is what we know about the program:

          * The purpose of PPP loans is to keep employees on your payroll or rehire quickly

          * PPP loans are eligible for small businesses with 500 or fewer employees,                      independent contractors and self-employed individuals

          * The maximum PPP loan will be 2.5 times average monthly payroll

          * PPP loan proceeds must be used for payroll, rent/mortgage interest, utilities and other current unspecified expenses

          * PPP loans can be set up on a 10 year amortizations and the first payment can be deferred for up to 6 to 12 months

          * PPP loans may be forgiven in whole or in part providing 75% of employees are retained through June 30, 2020


SBA – Economic Injury Disaster Loan (EIDL)

SBA does have the “Economic Injury Disaster Loan” (EIDL) program available.  EIDL is administered by the SBA directly (not your local bank) and all applications must go through the SBA website at  Most small businesses (excluding ag. producers) appear to be eligible to apply for loans of up to $2,000,000 to pay operating, payroll expenses, general working capital needs, etc.   SBA will not decline any loan due to the lack of collateral.  All of these loans will carry an interest rate of 3.75% with payment deferred for 12 months.  Loan payments would be amortized over 30 years.  SBA will determine what you would be eligible to borrow.  There is also an option that allows you to request a $10,000 advance to be used for working capital while waiting for an answer to your disaster loan request.  These funds are estimated to be available in your checking account within three (3) business days.  This loan would likely be forgiven in the near future at SBA’s discretion.


FDIC: Insured Bank Deposits are Safe; Beware of Potential Scams Regarding Coronavirus Using the Agency's Name

In light of recent developments related to the coronavirus, the Federal Deposit Insurance Corporation (FDIC) is reminding Americans that FDIC-insured banks remain the safest place to keep their money. The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes.


Since 1933, no depositor has ever lost a penny of FDIC-insured funds. Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank. An FDIC-insured account is the safest place for consumers to keep their money. Some banks may have adjusted hours or services in compliance with Centers for Disease Control COVID-19 guidance on social distancing. Customers’ deposits remain safe in these banks, as does customer access to their funds. Banks continue to offer ATM, mobile, or online banking services, and many continue to provide services via drive-through windows.


During these unprecedented times consumers may receive false information regarding the security of their deposits or their ability to access cash. The FDIC does not send unsolicited correspondence asking for money or sensitive personal information. The agency will never contact people asking for personal details, such as bank account information, credit and debit card numbers, Social Security numbers, or passwords.


Consumers may also be contacted by persons who claim to be employed by an agency, bank, or another entity. These scams may involve a variety of communication channels, including emails, phone calls, letters, text messages, faxes, and social media. Scammers might also ask for personal information such as bank account numbers, Social Security numbers, dates of birth, and other details that can be used to commit fraud or sell a person's identity. Consumers should not provide this information.

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