COVID-19 Information for Businesses

During this time of economic uncertainty, there may be challenges you face.  As your financial partner, we want to work with you however we can.

 **Updated 7.10.2020**

The Coronavirus Aid Relief and Economic Security (CARES) Act provides assistance to small businesses.


COVID-19 Economic Injury Disaster Loan Program directly through the Small Business Administration (SBA).  Click here for more information.


The Paycheck Protection Program (PPP).  This program was created to help small businesses and nonprofits cover payroll costs, interest on mortgage payments, rent obligations and utilities.  This Small Business Administration (SBA) program may be offered through financial institutions, such as Exchange Bank.  The PPP has potential loan forgiveness, low interest rates and deferred payments for 6 months.  The SBA has up to 30 days after the passing of the CARES Act to provide additional guidance to lenders.

The government passed bipartisan legislation that includes additional funding to restart the Paycheck Protection Program. To serve our customers, the Exchange Bank Board of Directors has designated additional limited lending availability for this second SBA funding of PPP loans.

If you are interested in applying for a PPP loan, please contact us.

Only complete application packages will be considered.  Any incomplete application packages will be rejected.  Be sure to check your application thoroughly before submitting.

EXB Qualifications:

  • To be considered you must meet the eligibility requirements set forth by the Small Business Administration (SBA).
  • You must currently have an Exchange Bank online banking profile.
  • Your business operations deposit account, which would include payroll activity, must be with Exchange Bank

Application Package:

Application packages must contain the following:

  • Complete SBA Paycheck Protection Program Borrower Application Form – SBA Form 2483 (04/20)
    • Must be completed in whole including amount, initials and signature
    • Post Office boxes are not allowed – must be a physical address
    • Include a summary of how the amount of your loan request was calculated
  • Business Start Date
  • Any documentation supporting the “purpose of the loan” as instructed in the application, such as:
    • 2019 IRS Form 1099-MISC that you received as an independent contractor
    • 2019 IRS Form 1040-C if your business is a sole proprietorship
    • 2019 IRS Form Schedule SE if you are a 1099 wage earner
  • If you have employees:
    • 2019 IRS Form 941 for quarterly salary, wages, commissions, and tips
    • 2019 IRS Form 944 same as 941, but annualized
    • 2019 IRS Form W-3
    • 2019 IRS Form 940 for any unemployment costs
    • 2019 IRS Form 1040-C if your business is a sole proprietorship
    • Monthly payroll statements that outline these costs by month
    • Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee)
    • Costs for vacation, parental, family, medical or sick leave
    • Costs for separation or dismissal of employees
    • State & local taxes assessed on employee compensation
    • (If applicable) All health insurance premiums paid by the business owner under a group health plan
    • (If applicable) All retirement plan funding paid for by business owner

Applications prepared with the assistance of an agent will be considered, so long as the agent has a professional designation (CPA, Esq.).

As an alternative to applying directly with EXB, we have also partnered with Kabbage as another way to connect you with these PPP loans.  Anyone meeting SBA eligibility requirements may apply with Kabbage.  Click here to learn more.  Customers who have applied with Kabbage (or elsewhere), but have NOT been approved, can also apply directly through EXB during the time we are accepting direct applications.

Please be advised that if you apply with Kabbage you are acknowledging:

  • Exchange Bank cannot provide application updates or make any recommendations to Kabbage, Inc. regarding your application as any loan application is not reviewed, processed, or funded by Exchange Bank
  • Exchange Bank is not responsible for the security of any personal information submitted to Kabbage, Inc.
  • Exchange Bank is not responsible for the processing or outcome of your loan application with Kabbage, Inc., and all inquiries regarding your application should be directed to Kabbage, Inc.
  • You should carefully review the terms and conditions associated with any loan application with Kabbage, Inc.
  • Kabbage, Inc is a third party vendor and not part of Exchange Bank in any way

Small Business Tax Provision.  This provision would provide a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 crisis.  This credit is not available to employers receiving assistance through the Paycheck Protection Program.  You can find out more in the CARES Act Small Business Owner’s guide.


Commercial credit lines, credit cards and other loans.  Call your loan officer today and find out what works best for you and your business.


 

Protect Yourself from Scams

Fraud attempts are extremely high right now.  We want to remind you that Exchange Bank will never contact you and ask you for personal information.  Do not give out personal information when called, texted or emailed.  Read more here about fraud and how you can better protect yourself.

Contact us if you feel your identity or accounts have been compromised.

Regular Office Hours: 256.547.2572 | Exchange Info Line 256.570.0999
Member FDIC Equal Housing Lender SBA Preferred Lender ©2015 Exchange Bank of Alabama™. All rights reserved.