CARES Act / Small Business Administration (SBA)
Coronavirus (COVID-19) Loan Options
The Road to Recovery
Working together, recovery from COVID-19 is possible. Like you, many businesses are feeling financial pressure due to the impact of COVID-19 and containment measures. HNB wants to reassure you that there are resources available to help your business rebound and establish a new normal.
HNB is Here For You
If you have questions regarding HNB, local or national programs available regarding your financial obligations, please contact us via the link below and we would be glad to assist.
Please note that we are updating our information regularly based upon guidance received. The content and recommendations may be subject to change.
Applicants:
Note: HNB’s acceptance of an application is not guarantee of funding and is subject to SBA provisions and fulfillment of application requirements.
HNB will currently be supporting the application process for businesses and organizations based or operating in the following service areas:
- Lackawanna County, PA
- Luzerne County, PA
- Pike County, PA
- Susquehanna County, PA
- Wayne County, PA
Apply
Starting Friday, April 3, the SBA will begin accepting applications for the Paycheck Protection Program.
As we work to help you navigate the application process, we encourage you to follow the steps below.
Already Submitted Your Application to Us?
If you have already submitted your application to us, please review your submitted application and make any necessary updates or provisions based upon the guidance we are now providing.
We appreciate your patience as we work to support this process as requirements are made known to us.
UPDATED Application Process
Please follow the steps below and review the provided information and documentation carefully. As the application period opens and we receive more information from the SBA it is possible that application requirements may change. We will work to keep you informed of the status of your application and any necessary actions on your behalf in a timely fashion.
Note: All supporting materials are required. To further assist your application, HNB is also making available a PPP Loan Amount Worksheet to help you calculate the suggested loan amount.
Step 1: Please familiarize yourself with the provisions and structure of the relief offering by reading the Paycheck Protection Program (PPP) Overview, Fact Sheet, and Frequently Asked Questions.
Step 2: Review the Instructions for Completing the PPP Application.
Step 3: Complete the PPP Application and save a digital copy. HNB has also developed a worksheet to help you determine your loan amount. You may also reference How To Calculate Your Loan Amount issued by the Treasury.
Applicants must sign the completed application. You may do so physically or by completing the digital signature upon saving the document.
Step 4: Gather the supporting material.
Step 5: Submit the completed PPP Application and supporting materials to covid19@hnbbank.com.
If you have any questions, please contact us at covid19@hnbbank.com or by contacting your HNB lender. You may also call 1-570-253-3362 x1430 for PPP Support.
About
The U.S. Small Business Administration (SBA) is now offering loan programs in response to the tremendous detrimental economic impact of COVID-19. Working alongside banks, such as HNB, the SBA and other federal agencies are working together to protect public health. Our top priority is to ensure small businesses can continue their contributions to the state’s economy, and our nation.
Through the announcement of The Coronavirus Aid, Relief, and Economic Security (CARES) Act, $349 billion is being made available nationally to assist small businesses and their ability to keep their staffs’ employed as we work through this challenging time.
An explanation of provisions that are available through the CARES Act is summarized in the following document for your convenience: Coronavirus Emergency Loans Small Business Guide and Checklist.
Programs offered through the SBA include:
- Paycheck Protection Program - to help businesses maintain payroll
- Emergency Economic Injury Grant – quick infusion of smaller amounts of cash for business continuity
- Small Business Debt Relief Program – to ease fears in regards to payment of your current or future SBA loans
Loan Forgiveness
HNB wants to provide guidance to ensure your business can remain eligible for full or partial forgiveness.
From the date of closing on your PPP loan with HNB, your business has an eight (8) week period to put your funding to work and remain eligible for forgiveness.
You will have until December 31, 2020 to file for forgiveness.
We encourage you to review the Treasury’s PPP Borrower Fact Sheet for information on appropriate use and forgiveness requirements.
Please also compile a file containing the following points of documentation:
- Copies of payroll tax reports file with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the 8 week period following the disbursement of the loan.
- Copies of payroll reports for each pay period for the 8 week period following the disbursement of the loan. Gross wages including PTO (which might include vacation, sick and other PTO) should be reflected.
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the 8 week period following the disbursement of the loan should be provided. Copies of the monthly invoices should suffice.
- Documentation of all retirement plan funding by the employer for the 8 weeks following the disbursement of the loan should be sufficient. Copies of work papers, schedules and remittances of the retirement plan administrator should be available.
- Copies of all lease agreements for real estate and tangible personal property should be presented along with proof of payment during the 8 week period following the loan origination date.
- Copies of all statement of interest paid on debt obligations incurred prior to February 15, 2020, indicating payment amounts and proof of payment for the 8 week period following the disbursement of the loan.
- Copies of canceled checks, statements or other evidence of utilities paid during the “covered period” for the 8 week period following the disbursement of the loan.
- Any and all additional documentation required by HNB to support and document the use of the proceeds of the loan.
Our communities and businesses in the NEPA Region continue to feel the increased impact of COVID-19. NEPA Alliance has been engaged since the onset of this outbreak to be sure businesses stayed informed and know what assistance is available. NEPA will assist with the following:
- Federal:
- SBA will soon have the Economic Injury Disaster Loan assistance available for businesses. These loans can be used to cover expenses still incurred during the shutdown period. For more information on SBA Disaster Loan Assistance Programs, please click here.
- State:
- The Pennsylvania Industrial Development Authority will provide up to $100,000 to eligible small businesses at 0% interest with no payments due for 12 months after funding. NEPA is currently awaiting guidance from PIDA on the application process and more information will be available shortly. NEPA will assist all business with these applications.
- Local:
- NEPA Alliance has 11 small business loan programs that are available to assist small businesses during this time. Please contact them if you are interested.
Information relating to the available programs is changing rapidly, please be sure to check NEPA Alliance's social media, website and media releases for any updates about the various programs noted above. Contact financing@nepa-alliance.org to be added to an emailing data base for the most recent updates.
