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Small Business Owners

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Thursday, June 4 2020

Small Business Owners

The COVID-19 Pandemic has had a negative financial impact on many businesses in our community and our Team at Rondout Savings Bank is here to help you during these uncertain times. If your economic situation has been negatively effected due to these circumstances and you need to make a request for loan payment relief, please contact us, we are here for you!

Paycheck Protection Program

We are pleased to announce that the House and Senate passed legislation that will provide an additional $320 billion in funding for the Small Business Administration’s Paycheck Protection Program.  We are currently accepting Paycheck Protection Loans requests from our  Business Customers.  Our greatest concern is that you, our valued business customer is served efficiently and are accurately counselled by professional experts on the best timing of funding and appropriate sizing of requests, therefore we have partnered with Pursuit (formerly NYBDC).  All Applications will be accepted digitally.  Please reach out to Stephen Sickler by email ssickler@rondoutsavings.com or 845-334-4106, and Evan Rothfuss erothfuss@rondoutsavings.com or 845-334-2245.  They will be able to provide you access to a our assigned  link and Rondout Savings Bank’s Unique Bank Code.  This will help expediate your Paycheck Protection Program Request.

Required Documents for the SBA Payment Protection Loan Application:

  • Payroll Report for 2019 including listing of employees, salaries, taxes, and benefits
  • IRS Form 941 Employer’s Payroll Tax Report for 2019 (Four Quarters)
  • New York State Form NYS-45 Quarterly Wage Reporting Statements for 2019 (Four Quarters)
  • Payroll Statement for period on or around 2/15/20 showing that business paid salaries and payroll taxes
  • IRS Form 941 for first quarter of 2020 showing payroll taxes for period inclusive of 2/15/20 (If Available)
  • Voided Rondout Savings Bank Business Check (this account will be used to deposit funds and withdraw monthly loan payments, if applicable
  • Government Issued Photo ID for Authorized Signers

 

Who Can Apply?

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or Less, Or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

 

PAYCHECK PROTECTION PROGRAM LOANS FAQ’S

Business Loan Payment Deferral Request

Rondout Savings Bank will consider your request for loan payment relief. After we receive your request, we will evaluate your situation and notify you of our decision within 10 business days. Please know if approved, we will follow up with an explanation of the terms of the forbearance and any required paperwork.

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Additional Resources

Logo Of U.S. Chamber of CommerceU.S. Chamber of Commerce

Coronavirus Emergency Loans Small Business Guide and Checklist

New York Small Business Development Center Logo

News and Resources fro Small Business Owners

US Senate Committee Logo

Cares Act Document

Stimulus Small Business Explainer

Small Business Stimulus Section by Section Summary

Division A Summary Supp 3

Division B Summary Supp 3

 

New York State Logo

Empire State Development Resources for Business