Plains Commerce Cares
Paycheck Protection Program: Key Changes
On March 18, 2021 the Small Business Administration (SBA) released an updated set of guidance regarding the Paycheck Protection Program Second Draw Loans. Below you will find updated applications for the Paycheck Protection Program loans:
Loan Forgiveness Applications & Instructions:
For more information regarding these changes:
US Treasury and IRS begin delivering second round of Economic Impact Payments
Leaders in the House and Senate have agreed upon a COVID-19 relief bill, which includes a second round of stimulus checks in the amount of $600 per adult and dependent children, subject to income limits. These payments are expected to follow income phase-out limits as it was in the original CARES Act. The first wave of checks is set to be direct deposited into accounts beginning the week of January 4, 2021. Prepaid cards, paper check, and additional direct deposits will arrive in the following weeks.
Important COVID-19 Updates
At Plains Commerce Bank, our first priority will always be the health and safety of our customers, our employees, and their families. We continue to monitor daily news developments and CDC recommendations and below you’ll find important information and resources as we transition back to our new “normal”.
Paycheck Protection Program (PPP)
As a vital piece to the COVID-19 stimulus package, the Paycheck Protection Program (PPP)* is set to provide a short-term lending vehicle for any employers to help keep their employees in place in hopes to avoid of avoiding long-term unemployment.
PPP loans may be used for a variety of purposes
- Payroll costs including benefits
- Interest on mortgage obligations, incurred before February 15, 2020
- Rent, under lease agreements in force before February 15, 2020
- Utilities, for which service began before February 15, 2020
Loan Forgiveness and Instructions
Summary of the Forgiveness Application
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles. This is only available for those companies that pay employees at least biweekly.
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan.
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
- Statutory exemptions from loan forgiveness reduction based on rehiring by June 30. This will be important for those businesses that let go of employees in March through April.
- The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.
Congress unanimously passed legislation that could ease restrictions on how businesses are able to use their funds received from the PPP hoping to make loan forgiveness more accessible. Please note that further guidance and clarification from the SBA and Treasury is likely.
Paycheck Protection Program Flexibility Act of 2020 highlights are as follows:
- Establishes a minimum maturity of five years for new PPP loans made after the date of enactment (as opposed to the current two-year maturity date)
- The borrower and the bank can agree to extend the maturity date to a minimum of 5 years for existing loans
- Extends from eight to 24 weeks the amount of time borrowers have to spend PPP funds while remaining eligible for forgiveness
- Borrowers are free to still use the 8-week covered period and are not required to change it to 24-weeks
- Lowers the amount that must be spent on payroll costs from 75 percent to 60 percent, though there is no forgiveness if payroll is less than 60 percent
- Extends to Dec. 31 the period in which employers may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable loan amount
- PPPFA also adds two new exceptions to the existing rehiring exceptions provided by the SBA:
- If borrowers cannot find qualified employees for unfilled positions
- If the borrower cannot restore its operations to comparable levels of business activity due to social distancing, sanitation requirements or customer safety needs established by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration during the period beginning on March 1, 2020, and ending December 31, 2020
- Replaces the six-month deferral of payments due under PPP loans with deferral until the date on which the amount of loan forgiveness is remitted to the lender
- Eliminates a provision that makes PPP loan recipients who have such indebtedness forgiven ineligible to defer payroll tax payments
- PPPFA also adds two new exceptions to the existing rehiring exceptions provided by the SBA:
Steps Borrowers Should Take Now
- Read the application to understand if the current plan for the business makes sense.
- Start gathering supporting documents necessary to be provided with forgiveness application which are outlined on page 10 of the application.
- If your business has employees you can calculate your average number of FTE’s over the February 15, 2019 through June 30, 2019 or January 1, 2020 through February 29, 2020. Average FTE calculation is outlined on page 7 of the forgiveness application.
Bank From Anywhere
Online and mobile banking options make banking from work or home easier than ever—especially when you’re feeling ill. Skip the trip and set up automatic payments, make a deposit, transfer funds, and other conveniences right from your device.
Mobile Banking Benefits
- View account balances and activity
- Transfer funds between accounts
- Pay bills
- Deposit checks
Online Banking Benefits
- 24/7 access to accounts
- Email/text alerts about account activity
- Check your balances and transactions
- Transfer funds to and from your account
- Set up automatic transfers
- Make loan payments
- Check your statement
- Pay your bills
- And more...
Branch Lobby Reopening Details
As our branch lobbies are now open, we ask that you first make an appointment by contacting a banker as it’s the best way for us to maintain health and safety measures.
Prior to visiting a branch, please review and follow these best practices
1. Enter the branch only if you feel well
If you’re not feeling well, bank with us online or through the mobile app. You may also contact your local banker for personalized service.
2. Maintain social distancing
Our staff has mapped out arrows and Xs on the floors as guidelines on where to stand or where to be seated. Please follow these guidelines to ensure that you’re at least 6 feet apart.
3. Wash and sanitize your hands
Our staff sanitizes their hands and workplaces after each customer contact. We ask that you also wash your hands prior to conducting business. Ask for hand sanitizer, if needed.
4. Limit contact
Please limit contact by not shaking hands, handling the same pen, paper, or other objects without first sanitizing. Your health and safety are our top priorities!
We're here to help. Please contact your banker for additional information regarding these resources.
Contact UsTo contact us, Contact Us
Commerce Community Checking
We’re committed to supporting and helping improve our local communities, small businesses, and organizations that spend their days helping others. That’s why we developed Commerce Community Checking—a program developed specifically for sole proprietors, nonprofit organizations, churches, and social clubs.
Fraud Center & COVID-19 Scam Information
Expand the options below to view information on Coronavirus and COVID-19 scams. This information is provided by the new task force, the Better Business Bureau, and the Federal Trade Commission.
Government Relief Check Scams
About this scam: Scammers send you a message make a social media post claiming you qualify for a COVID-19 government grant and just need to click a link to fill out the "necessary" personal information. In the process, your identifying information is stolen.
What to do: No matter what the message, don’t click! In addition to taking your money, these sites can also download malware to your device and use your information for identity theft.
About this scam: Scammers are offering to sell fake cures, vaccines, and advice on unproven treatments for COVID-19.
About this scam: Scammers are creating fake shops, websites, social media accounts, and email addresses claiming to sell medical supplies currently in high demand, such as surgical masks. When consumers attempt to purchase supplies through these channels, fraudsters pocket the money and never provide the promised supplies.
What to do: Check out the seller by searching online for the person or company’s name, phone number and email address, plus words like “review,” “complaint” or “scam.” If everything checks out, pay by credit card and keep a record of your transaction. If you’re concerned about the pricing of products in your area, contact your state consumer protection officials.
About this scam: Scammers are also contacting people by phone and email, pretending to be doctors and hospitals that have treated a friend or relative for COVID-19, and demanding payment for that treatment.
About this scam: Scammers are soliciting donations for individuals, groups, and areas affected by COVID-19. Some scammers use names that sound a lot like the names of real charities. This is one reason it pays to do some research before giving. Money lost to bogus charities means less donations to help those in need.
What to do: You can use these organizations to help research legitimate charities before giving.
About this scam: Scammers posing as national and global health authorities, including the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC), are sending phishing emails designed to trick recipients into downloading malware or providing personal identifying and financial information. If you click on a link, they can install ransomware or other programs that can lock you out of your data. Scammers often use familiar company names or pretend to be someone you know.
What to do: Protect your computer by keeping your software up to date and by using security software, your cell phone by setting software to update automatically, your accounts by using multi-factor authentication, and your data by backing it up.
About this scam: Scammers are also creating and manipulating mobile apps designed to track the spread of COVID-19 to insert malware that will compromise users’ devices and personal information.
About this scam: Scammers are using illegal robocalls to pitch everything from scam Coronavirus treatments to work-at-home schemes.
What to do: Hang up. Don’t press any numbers. The recording might say that pressing a number will let you speak to a live operator or remove you from their call list, but it might lead to more robocalls, instead.
About this scam: Scammers are offering online promotions on various platforms, including social media, claiming that the products or services of publicly traded companies can prevent, detect, or cure COVID-19, and that the stock of these companies will dramatically increase in value as a result. These promotions are often styled as "research reports," make predictions of a specific "target price," and relate to microcap stocks, or low-priced stocks issued by the smallest of companies with limited publicly available information.
Price Gouging Scams
About this scam: Individuals and businesses may sell essential goods, like hand sanitizer, for significantly higher prices than in a non-emergency setting. It is legally considered price gouging when the price of one of these products increases more than 20 percent its price one week prior to an emergency declaration from the Commonwealth of Virginia.
What to do: Anti-price gouging statutes are in effect because of statewide states of emergency. If you see price gouging, you should report it to Attorney General Herring’s Consumer Protection Section. You can do that by calling (800) 552-9963, emailing firstname.lastname@example.org, or going through the online Price Gouging Complaint Form.
Misinformation & Rumors
About this scam: Scammers, and sometimes well-meaning people, share information that hasn’t been verified.
What to do: Before you pass on any messages, and certainly before you pay someone or share your personal information, do some fact checking by contacting trusted sources. See what the U.S. Government is doing about Coronavirus. There you’ll find links to federal, state and local government agencies.
General COVID-19 Resources
Check out these links for up to date information from the CDC & WHO: