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FNBO Paycheck Protection Program Online Portal Will Open Tuesday

Great News! We’re excited to share that the SBA has authorized additional PPP funding and we plan to open our portal to both new and second-draw PPP loan applications next Tuesday, January 19.

As with the earlier rounds of the program, we will be offering applications through our online portal. We are working diligently to help make the process smooth and efficient for you.

Following are highlights for first- and second-draw PPP loans.

First Draw - First-Draw funds have been extended and are available to businesses that did not receive a PPP loan in 2020. In general, borrowers can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
Second Draw - Businesses can apply for a second PPP loan if they’ve spent or will spend the full amount of their first PPP loan before they receive funding for the second loan. Generally, borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum. In addition:

Accommodations and Food Services companies can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019 or the business experienced a reduction in annual revenue of 25% or greater in 2020 compared to 2019.
Businesses can apply for a second PPP loan regardless of whether they have requested or received Forgiveness on their first PPP loan.

Please note the SBA has stated that Round 2 PPP loans will likely take them longer to approve than PPP loans made in 2020. Borrowers should not expect immediate turnaround by the SBA on new PPP applications.
For full program details, visit SBA.gov and Treasury.gov.

Getting Prepared

To apply through FNBO, you will need an active business checking account. If you don’t have one, we invite you to reach out to us (find a branch) to start the process to open an account and then apply for a PPP loan.
We encourage you to consult with your attorney, accountant or other advisors as you consider requesting a PPP loan.

CARES Act & PPP

A key provision of the CARES Act is the Paycheck Protection Program (PPP), which authorized SBA lenders like FNBO to make loans to small businesses through the SBA.

FNBO is no longer accepting PPP submissions. If you are customer who has secured PPP funds through FNBO, learn more about forgiveness.

FNBO Assistance

FNBO customers directly impacted by COVID-19 can request assistance including:

Additional credit and assistance accessing various local, state and federal assistance programs
Potential refunds on overdraft fees, late fees, non-sufficient funds fees and balance-related monthly maintenance fees
Potential payment deferrals

Contact Us: Please talk with your banker about the challenges you are experiencing today to help us prepare to serve you best during the coming weeks and months. You may also call us at 800-228-4411.

Please note that credit payment deferrals will create a balance at maturity. Additionally, we have temporarily paused foreclosure related-activities for business customers.

For further resources, visit our State and Local Resources section.

Convenience, Security and Confidence

We know these are challenging times and we’re here to help you through them. Wherever you are, there are many ways you can make and receive payments, deposit money to your account or get cash for your business. And, even if you’re confident with your current processes, it’s always good to have a backup plan.

Online Banking: Manage your accounts online 24/7. To enroll, get started here.
PayMaker: You can digitally send and receive business payments from anywhere (check or ACH) through our payments platform, PayMaker. PayMaker also gives you the ability to convert your payments to ACH and removes the need to manually mail or receive payments by check. Enroll in 5 minutes or less under the “Pay & Get Paid” tab on your online banking dashboard.
Branch Drive Thru: You can still bank with us at your local branch with our drive thru services during operating hours. And, you can also deposit checks or cash 24/7 at our deposit accepting FNBO ATM’s. Keep updated with our branch statuses.
ACH Transfers: If you’re not enrolled in PayMaker, be sure you have a contingency plan for submitting and approving ACH and wires, including the possibility of writing checks.
Order Checks: You can order checks under the “Services” tab on your online banking dashboard.
Mobile App Deposits: In response to COVID-19, we have increased mobile app deposit limits for business customers through June 30, 2020. View your increased deposit limit in the “Make a Deposit” section in your mobile app.
To enroll in Business Mobile Banking, go to the “Services” tab on your online banking dashboard. From there, you can enroll your business and download the app.
Cash Vault Services: Cash Vault Services are designed for businesses that make frequent deposits of cash and checks, or require a continuous inventory of coin and currency. You can make sure you have enough cash on hand, and that your deposits are processed securely and on-time with Cash Vault Services.
Fraud Protection: Consider adding fraud prevention tools and alerts to your account. You can customize account alerts under the “Account” tab on your online banking dashboard and add fraud prevention under the “Administration” tab.

Important Information Regarding Paycheck Protection Program (PPP) Forgiveness

With a new COVID relief package signed into law, there are many provisions that impact PPP, including the following:

A simplified PPP forgiveness process allowing PPP loans of $150,000 or less to be forgiven after the borrower completes a one-page attestation
Repeal of a CARES Act provision that required PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount

The Small Business Administration and others are working on details and we will keep you up to date with additional information as it becomes available. Our portal remains closed to new PPP Forgiveness applications until we have further information on the requirements per the newly adopted relief package.

If you have a question on an existing PPP Forgiveness application, please contact your banker, or Request Support here.

As a lender, we are relying on our applicants’ independent certifications, and we cannot make determinations for our applicants on matters that they are certifying. If you are unsure about your eligibility for or responsibilities under the PPP, you should seek out advice for your situation from an accountant, attorney, or other professional advisor.