We are available for you during this challenging time and suggest that you reach out to our bankers either directly or by calling 844-266-2548 or explore our remote banking options.

Please note our offices are open on a limited schedule with drive-up access onlyMore information on each of our locations can be found here. 

Learn more about our Consumer Loan and Residential Mortgage Relief options here.

We are available for you during this challenging time and suggest that you reach out to our bankers either directly or by calling 844-266-2548 or explore our remote banking options.

Please note our offices are open on a limited schedule with drive-up access onlyMore information on each of our locations can be found here. 

Learn more about our Consumer Loan and Residential Mortgage Relief options here.

Relief Is Here...

Get the relief you need, from a partner you trust
We’re here to provide relief to our clients and communities.

As you may be aware, our national government just passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). As a Small Business Administration (SBA) lender, we are participating in the Paycheck Protection Program in order to be able to make direct loans to support the well-being and continuity of our local businesses.

Key benefits of the CARES Paycheck Protection Program:

  • All businesses and nonprofits in operation on or before February 12, 2020 with fewer than 500 employees are eligible
  • Loan proceeds may be used to maintain payroll, rent, business mortgages, business debt costs and utilities
  • Loan amounts are the lesser of average monthy payroll during the last 12 months x 2.5 or $10MM
  • The portion of the loan that is used for eligible purposes during the first eight (8) weeks after funding is eligible for forgiveness
  • All borrowers are eligible for deferments
  • No fees
  • No personal guarantee
  • No collateral requirement
  • Fast turnaround time

Questions about your application? Contact us at 844-266-2548.

We are here to support you and will get through this trying time together.

Any business, including sole proprietorships, independent contractors and self-employed persons, private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19 who: 

  • Has less than 500 employees at each location
  • Was in operation on February 15, 2020
  • Had employees whom salaries and payroll taxes (or paid independent contractors)

A business is eligible for the average total monthly payments for payroll costs** incurred during the last 12 months multiplied by 2.5; or $10,000,000.00-  whichever is the less amount.

** Payroll Costs include:

  • Salary, wage, commission, or similar compensation (the compensation of an individual employee in excess of an annual salary of $100,000 is excluded)
  • Payment of cash tip or equivalent
  • Payment for vacation, parental, family, medical, or sick leave
  • Allowance for dismissal or separation
  • Payment required for the provisions of group health care benefits, including insurance premiums payment of any retirement benefit; or payment of State or local tax assesssed on the compensation of employees
  • The sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self employement, or similar compensation and that is an amount that is not more than $100,000 in 1 year
  • Payroll costs including employee salaries, commissions, or similar compensation, costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums

  • Payments of interest on any mortgage obligation

  • Rent (including rent under a lease agreement)

  • Utilities

  • A complete Paycheck Protection Program loan application.
  • Your 2019 Employers Quarterly Tax filings (IRS Form 941).

You may also be asked to provide the following information and should be prepared to do so:

  • Copies or payroll tax reports filed for the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available) should be represented.
  • Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (which might include vacation, sick leave, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan.
  • Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination. Copies for the monthly invoices should suffice.
  • Documentations of all retirement plan funding by the employer for the immediately preceding 12 months.
  • Copies of workpapers, schedules and remittances to the retirement plan administrator should be sufficient.

The loan will be forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to the 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. Foregiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

How can we help you?

Contact a ConnectOne Bank representative to learn more.

*Applications are accepted from April 3, 2020 to June 30, 2020. All applications are pending approval.

You come first. We aren't like those other banks.

At ConnectOne Bank, we understand that little things matter and focus on those things when providing personal and business banking solutions for our clients.