COVID-19 and Paycheck Protection Program (PPP) Updates
January 15, 2021 - New Paycheck Protection Program (PPP) Loans Now Available
As part of the COVID-19 Economic Relief bill signed by the President on December 27, 2020, new funding for the Paycheck Protection Program (PPP) has been made available. This program is open to first time borrowers and also to borrowers who secured a loan during the first PPP program. In addition to a second round of PPP loans, the legislation also includes changes that may favorably impact future forgiveness for certain borrowers and amends provisions for some existing PPP loans.
SBA Paycheck Protection Program for Coronavirus Relief
Under the new Paycheck Protection Program, many small businesses with fewer than 300 employees may be eligible for a PPP loan if they experienced a revenue reduction of 25% for any quarter of 2020 when compared to the same quarter in 2019 and meet other criteria.
Small businesses who received a PPP loan previously are also eligible for a second loan if they have depleted the funds from their initial loan and meet certain other criteria. In addition to small businesses, certain other organizations and not-for-profits are also eligible. We encourage you to visit sba.gov/ppp to review the latest eligibility requirements.
If you secured a first loan with First Columbia Bank, please use the same login credentials. If you did not apply for a first loan, please call your lender and we will provide you with information on how to begin an application.
To begin a new application click here.
Paycheck Protection Program (PPP) Loan Forgiveness
The new legislation also includes a simplified forgiveness application for loan amounts of $150,000 or less. We will communicate directly with those customers who received a first round loan who may be eligible to use this simplified application once it becomes available, hopefully within the next week.
We understand the difficult business climate and economic implications this COVID-19 crisis has created. During the first round of PPP loans last year, First Columbia was able to help our local businesses secure 476 loans totaling more than $30 million. Currently, we’ve processed 120 forgiveness applications totaling approximately $15 million. Please know that we pledge to continue helping our customers and community through this pandemic. Thank you for the trust you place in us and for allowing us the privilege to serve your banking and financial needs.
Please check back here for additional updates. For further questions and guidance please contact your lender.
- Paul Page 570-854-7967 email@example.com
- Pam Young 570-394-4129 firstname.lastname@example.org
- Taylor Farr 570-854-7011 email@example.com
- Jean MacDermott 570-204-1563 firstname.lastname@example.org
- Michael Celli 570-336-2076 email@example.com
- Melissa Fisher 570-441-4759 firstname.lastname@example.org
November 17, 2020 - Temporary Lobby Closures
In response to increasing COVID-19 cases across our region, we are temporarily closing lobby service at all our branch locations beginning Tuesday, November 24th. Our drive-thru service will remain open during normal banking hours to serve your banking needs. Our Walmart location will be closed during this time. (Please note: Effective December 31, 2020 our Orangeville branch is permanently closed. If you previously banked at our Orangeville location, we are happy to serve your banking needs at any of our other locations.)
- Customers are able to perform most banking transactions at our drive-thru service. This includes deposits, withdrawals, loan payments, account balance and information inquiries.
- If you are making a deposit, you may do so at the drive-thru or you can bypass the drive-thru and place your deposit in the Night Deposit Box (We will mail your receipt).
- For those who require in-branch services, such as closing a loan; accessing a safe deposit box; opening a checking account, certificate of deposit, or estate account; consulting with our investment center; or other banking need, please call our Customer Support Team at 570.784.1660, and we will arrange an appointment for you. (You will be required to wear a mask during your appointment.)
- First Columbia Bank ATM/debit card customers have free access to any of our 20 ATMs and 55,000 Allpoint or Sheetz ATMs.
- Please see Branch Locations/ATMs/Hours for a complete list of drive-thru locations, hours, and ATM locations.
- We also offer Online, Mobile and Automated Telephone Banking services that provide access to account information and allow you to perform many banking transactions. To learn more about these resources or enroll, visit the e-banking page or call us.
- Please be assured that these changes to lobby service have no impact on your accounts with us.