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COVID-19 Resources, PPP and  Stimulus Payment Information  

Due to the increase in COVID-19 cases in our area, lobby access is by appointment only.
      Responding to COVID-19

      Paycheck Protection Program 2021

      Currently, we are reviewing the SBA's updated rules and guidance. We will notify customers on this site when we are ready to begin accepting PPP applications through our online application portal.
       
      To better serve our customers and expediate the loan process:
       
      • We are unable to accept paper applications.
      • We will be limiting applications to businesses that are existing customers.
      Please check back regularly for updates. 

      First Draw PPP

      First draw loans are for customers who did not participate in the previous round of Paycheck Protection Program.

      • Must be an existing Charlotte State Bank & Trust customer
      • Provide proof your business was in operation on Feb.15, 2020 by submitting a bank statement, utility bill, etc.
      • Employ no more than 500 people
      • Your loan amount will be calculated using your average monthly payroll as defined in the PPP Loan Application
      • Organize and scan your payroll records and payroll tax documents (e.g. third party or internal payroll reports, 941 forms, Schedule C or E forms, etc.)
      • To receive 100% loan forgiveness at least 60% of the PPP loan funds must be used for eligible payroll expenses

      Application Coming Soon

      Second Draw PPP

      • Must be an existing Charlotte State Bank & Trust customer
      • Funds from your first PPP loan must be used in full on or before the expected disbursement date of the second PPP loan
      • Employ no more than 300 people
      • Provide documentation of a 25 percent or more revenue reduction, comparing any quarterly gross receipts for one quarter in 2020 with the gross receipts for the corresponding quarter of 2019
      • Expedited Applications: If your requested PPP loan amount is the same as your first PPP loan with Charlotte State Bank & Trust documentation needed will be your quarterly statements showing the 25 percent reduction.
      • If you are changing your loan amount or received your first draw PPP loan from another institution, please organize and scan your payroll records and payroll tax documents (e.g. third party or internal payroll reports, 941 forms, Schedule C or E forms, etc.)

      Application Coming Soon

      The Paycheck Protection Program (PPP) is governed by the Small Business Administration (SBA), including guidelines and use of funds and is subject to change. Charlotte State Bank & Trust and its representatives are unable to provide payroll, legal or tax advice. Please consult an appropriate advisor. The information contained above is merely a summary, may not constitute the most up-to-date information, and is subject to change. Visit the SBA’s website for FAQs at www.sba.gov.

       
      In view of the high demand for the Paycheck Protection Program (PPP) and the volume of applications, Charlotte State Bank & Trust suggests you apply as soon as possible and makes no promise nor commitment that a loan will be made or that your application will be submitted to the SBA before available PPP funds are depleted.

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      Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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