Coronavirus (COVID-19) Loan Options
The Road to Recovery
Working together, recovery from COVID-19 is possible. Like you, many businesses are feeling financial pressure due to the impact of COVID-19 and containment measures. HNB wants to reassure you that there are resources available to help your business rebound and establish a new normal.
HNB is Here For You
If you have questions regarding HNB, local or national programs available regarding your financial obligations, please contact us via the link below and we would be glad to assist.
Please note that we are updating our information regularly based upon guidance received. The content and recommendations may be subject to change.
SBA Paycheck Protection Program (PPP and PPP2)
The SBA is no longer accepting PPP applications. To file for forgiveness of your PPP loan, please use the online Portal linked below.
Loan Forgiveness
Updated May 5, 2021
To apply for forgiveness use the portal button at the top of the page.
Please note that you have 10 months from the close of your 24-week forgiveness period to file your forgiveness application.
Forgiveness Eligibility Requirements
Outlined below are the eligibility requirements for forgiveness:
- The borrower must spend at least 60% of the funds on payroll expenses or forgiveness eligibility will be reduced.
- HNB PPP loan maturity is 5 years. If your PPP loan isn't fully forgiven, payments on the balance will begin one year from the disbursement date.
- PPP borrowers may also delay payment of their payroll taxes, which was prohibited under the CARES Act.
We encourage you to review the Treasury’s PPP Borrower Fact Sheet for information on appropriate use and forgiveness requirements.
Active SBA PPP Loans Under $150,000
Loans under $150,000 do not require supporting documentation to be submitted. Please apply using our portal.
Active Applications Over $150,000
When applying for forgiveness through the portal you will be required to upload the following documentation:
- Copies of payroll tax reports file with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the 24 week period following the disbursement of the loan.
- Copies of payroll reports for each pay period for the 24 week period following the disbursement of the loan. Gross wages including PTO (which might include vacation, sick and other PTO) should be reflected.
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the 24 week period following the disbursement of the loan should be provided. Copies of the monthly invoices should suffice.
- Documentation of all retirement plan funding by the employer for the 24 weeks following the disbursement of the loan should be sufficient. Copies of work papers, schedules and remittances of the retirement plan administrator should be available.
- Copies of all lease agreements for real estate and tangible personal property should be presented along with proof of payment during the 24 week period following the loan origination date.
- Copies of all statement of interest paid on debt obligations incurred prior to February 15, 2020, indicating payment amounts and proof of payment for the 24 week period following the disbursement of the loan.
- Copies of canceled checks, statements or other evidence of utilities paid during the “covered period” for the 24 week period following the disbursement of the loan.
- Any and all additional documentation required by HNB to support and document the use of the proceeds of the loan.
I you are applying for forgiveness for a PPP loan received in 2020, reach out to the PPP department at covid19@hnbbank.com or the appropriate paper application.
About
The U.S. Small Business Administration (SBA) is now offering loan programs in response to the tremendous detrimental economic impact of COVID-19. Working alongside banks, such as HNB, the SBA and other federal agencies are working together to protect public health. Our top priority is to ensure small businesses can continue their contributions to the state’s economy, and our nation.
Through the announcement of The Coronavirus Aid, Relief, and Economic Security (CARES) Act, $349 billion is being made available nationally to assist small businesses and their ability to keep their staffs’ employed as we work through this challenging time.
An explanation of provisions that are available through the CARES Act is summarized in the following document for your convenience: Coronavirus Emergency Loans Small Business Guide and Checklist.
Programs offered through the SBA include:
- Paycheck Protection Program - to help businesses maintain payroll
- Emergency Economic Injury Grant – quick infusion of smaller amounts of cash for business continuity
- Small Business Debt Relief Program – to ease fears in regards to payment of your current or future SBA loans
- Restaurant Revitalization Fund - Provides emergency assistance for eligible restaurants, bars, and other qualifying businesses.
Our communities and businesses in the NEPA Region continue to feel the increased impact of COVID-19. NEPA Alliance has been engaged since the onset of this outbreak to be sure businesses stayed informed and know what assistance is available. NEPA will assist with the following:
- Federal:
- SBA will soon have the Economic Injury Disaster Loan assistance available for businesses. These loans can be used to cover expenses still incurred during the shutdown period. For more information on SBA Disaster Loan Assistance Programs, please click here.
- State:
- The Pennsylvania Industrial Development Authority will provide up to $100,000 to eligible small businesses at 0% interest with no payments due for 12 months after funding. NEPA is currently awaiting guidance from PIDA on the application process and more information will be available shortly. NEPA will assist all business with these applications.
- Local:
- NEPA Alliance has 11 small business loan programs that are available to assist small businesses during this time. Please contact them if you are interested.
Information relating to the available programs is changing rapidly, please be sure to check NEPA Alliance's social media, website and media releases for any updates about the various programs noted above. Contact financing@nepa-alliance.org to be added to an emailing data base for the most recent updates.
